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Uzbek parliament approves state budget for 2016

Uzbek parliament approves state budget for 2016

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Date: 3 December 2015 14:17

Tashkent, Uzbekistan, Dec.3
By Demir Azizov– Trend:

Senate of the Oliy Majlis (upper house of parliament) of Uzbekistan Dec.3 approved the state budget for 2016 with a deficit of about 2.2 trillion soums (UZS), or in the amount of 1 percent from the projected gross domestic product (GDP).

The official exchange rate on December 3 is 2,750.43 UZS/$1.

The revenue of the state budget for 2016 will amount to 40.5 trillion soums (18.4 percent of GDP), expenditure – 42.7 trillion soums (19.4 percent of GDP).

The budget options were designed to meet the planned next year GDP growth by 7.8 percent, industrial production - by 8.2 percent, agricultural production - by 6.1 percent, the volume of capital investments – by 9.6 percent, the First Vice Prime Minister and Minister of Finance of Uzbekistan Rustam Azimov said during the presentation of the document.

“The concept of tax policy for 2016 provides for reducing the tax burden on the economy to 19.1 percent from 20.7 percent in 2015,” he said.

In particular, the revenue side of the budget provides for reduction of the basic rate of income tax of legal entities from 8 percent to 7.5 percent.

The rate of single tax payment made instead of the aggregate tax for micro and small enterprises operating in the provision of services will be reduced from 6 percent to 5 percent, which will leave 58.4 billion soums at the disposal of these enterprises.

In 2016, the current tax rate on improvement and development of social infrastructure, single tax, value added tax and other taxes, as well as mandatory payments will be maintained.

The tax rate on personal income from one to five times of the minimum wage is reduced from 8.5 percent to 7.5 percent, while the rate of mandatory insurance payments of citizens to the Pension Fund will be increased from 7 percent to 7.5 percent.

In addition, indexing of a number of taxes, including the personal property tax, land tax, the excise tax on alcohol and tobacco products is provided.

In the total expenditure of the state budget, the funds allocated for the social sphere and social support of the population in 2016 are provided at the level of 59.2 percent compared to 58.7 percent expected on the results of 2015. The costs of education are planned in the amount of 6.8 percent of GDP, health care system costs – in the amount of 2.8 percent.

The economy expenditures are envisaged in the amount of 2.1 percent of GDP, centralized investments financed from the state budget will amount to 1 percent of GDP.

Revenues and expenditures of public trust funds for 2016 have been identified in the amount of 23.4 trillion soums.

The approved by the Senate budget will be sent for approval of the president of Uzbekistan.

The state budget of Uzbekistan for 2015 was approved with a deficit of 1.8 trillion soums, or in the amount of 1 percent of projected GDP. The revenue part of the budget was approved in the amount of 36.2 trillion soums (20.2 percent of GDP) and expenditures - 38 trillion soums (21.2 percent of GDP).

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