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Finance 12/11/2013 Uzbekistan plans to decrease income tax for legal entities (Correction)
Uzbekistan plans to decrease income tax for legal entities
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is planning to decrease basic rate of income tax for legal entities by 1 percentage point from 9% to 8% from 1 January 2014.

The concept of tax policy for 2014 envisages the measure, which was considered by the parliament, and it will be taken into account in the draft budget.

The decrease of the basic rate of income tax will help to strengthen material-technical base and help to businesses to save about 132 billion soums.

It is also planned to keep the rate of funds, directed to accumulated pension accounts of citizens, at the level of 1% and decrease lower rate of income tax for individuals from 8% to 7.5%.

The offered measures of tax policy will help to decrease tax from total income (in 2013 from 26.1% to 25.8%) and increase share of resource taxes (in 2013 from 66.6% to 67.1%), as well as decrease tax burden to economy from 21.5% to 21%.

The draft budget for 2013 envisages to increase salaries for budget organizations, pensions, stipends and allowances.

The State Budget envisages that the expenses to science will grow 1.2 times to 0.1% from GDP in 2014. This will help to develop scientific researches and experimental works.

It is also planned to allocate 7.4% of budget resources to reconstruction of educational and medical establishments, as well as their equipment.

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