Senators, representatives of the Cabinet of Ministers of Uzbekistan, ministries and departments and mass media participated at the session.

It was underlined that the state budget of Uzbekistan for 2014 is directed at ensuring macroeconomic stability and high economic growth of Uzbekistan, forming diversified and competitive economy, improving well-being of population, etc.

Senators underlined that the main tax policy is directed at decreasing tax burden to business entities and population, simplifying taxation system, increasing income of local budgets, strengthening tax administration, etc.

It is planned to cut the minimal size of the income tax of legal entities from 9% to 8%. In the result, the businesses will save about 130 billion soums.

The cost of the equipment with the term of use less than 10 years will be excluded from taxation base. The document also envisages other measures on decreasing tax rates.

It is also planned to decrease the minimal size of the income tax for individuals from 8% to 7.5%. One percent of income of individuals will be directed to accumulated pension system.

Senators underlined that the state budget is directed at increasing expanses to social sphere and social support of businesses, financing of education, healthcare, scientists, culture and sport, construction, reconstruction, repair and equipment of colleges, sport halls, etc.

After discussions, the Senators approved the state budget and directed it to consideration of the plenary session of the Senate.