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Finance 13/11/2014 Senate of Uzbekistan approves state budget for 2015
Senate of Uzbekistan approves state budget for 2015
Tashkent, Uzbekistan (UzDaily.com) -- Senate of Oliy Majlis of Uzbekistan approved a state budget for 2015 with the deficit of about 1.8 trillion soums or 1% of forecasted gross domestic product (GDP) of the country.

The income part of the state budget will make up 36.2 trillion soums (20.2% of GDP) and expense part will make up 38 trillion soums (21.2% of GDP).

The budget was developed taking into account that the GDP will grow by 8%, industrial output – 8.3%, agriculture production – 6%, capital investments – 9.6%, and inflation forecasted at the level of 5.5-6.5%.

The expenses to economy will make up 2.3% of GDP, improvement of settlements, including capital and current repair of roads – 0.4%, which rose 1.3 times compared to 2014.

The Government at the same time plans to decrease rates of some taxes. In particular, the base rate of income tax for legal entities is offered to fall from 8% to 7.5%, which will allow businesses to save about 90 billion soums.

The rate of single social payment for microfirms and small enterprises, as well as farms is offered to decrease from 25% to 15%. This will decrease tax burden to labour payment fund and the businesses will save 481.8 billion soums.

The rate of single tax payment for construction organization, belonging to microfirms and small enterprises, is planned to cut from 6% to 5%.

At the same time, the rate of mandatory insurance fees of the citizens from their salaries will grow from 6.5% to 7%.

It is planned to indexing some taxes, including to property of citizens, land tax, excise tax, tax for alcohol and tobacco.

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