The Cabinet of Ministers of Uzbekistan approved the draft of Uzbekistan budget for 2010, the forecast of the main macroeconomic parameters, the concept of Uzbekistan tax and budget policy.

Cabinet of Ministers of Uzbekistan approved 2010 budget

The Cabinet of Ministers of Uzbekistan has approved the draft of Uzbekistan budget for 2010, the forecast of the main macroeconomic parameters, the concept of Uzbekistan tax and budget policy in 2010.

The forecast of the main macroeconomic parameters of Uzbekistan envisages continuing high growth rates of the Uzbekistan GDP and the volumes of industrial production, including volume of consumer goods production and construction works and services in the Republic.

The tax and budget policy concept of Uzbekistan for the next year envisages reduction of the tax on the economic entities and the share of the tax payments in the Uzbek GDP, stimulation of the modernization of production, increase of the population’s incomes and easing the tax administration.

Uzbekistan Tax Policy for 2010

In particular, the government plans reducing the base income tax rate and single tax for micro firms and small enterprises, as well as unifying the fixed tax for individual entrepreneurs. Besides, the plan is to unify existing profit tax preferences for enterprises modernizing their industrial facilities.

The income tax for individuals will also be reduced, and the population will receive additional preferences in the form of reduction of the taxed income for the amount of money paid for education at universities, as well as money voluntarily paid to the individual saving pension accounts.

Uzbekistan Budget Policy for 2010

The main directions of the budget policy for 2010 stipulate increase of the minimum salary, optimization of the financing of the budget-financed structures and raising the efficiency of the social protection of the population.

In the framework of the Anti-crisis program, the budget envisages allocation of funds for financing the construction, modernization and reconstruction of the objects of industrial and social infrastructure.

The approved macroeconomic forecast, tax and budget policy concept and the state budget for 2010 will be sent to the Legislative Chamber of the Oliy Majlis (parliament) for consideration.

Source: UzA