UzA English

31.10.2018

Shavkat Mirziyoyev: It is necessary to prevent a possible budget deficit

There are two months left until the end of the year. Therefore, it is necessary to use all the reserves and prevent a possible budget deficit, Shavkat Mirziyoyev noted at the meeting devoted to discussing the expected results of the State budget execution this year.

At the meeting it was noted that the steady growth of budget revenues in the next year, the historical changes introduced in the tax system will become a great support for the population and business.

In particular, as a result of abolition of mandatory deductions from revenue from January 1, 2019, an additional 5.2 trillion UZS of income will remain at the disposal of enterprises.

Reduction in the maximum personal income tax rate from 22 to 12 percent, a single social payment rate from 25 to 15 percent, and the abolition of the 8 percent insurance premium will lead to an increase in population’s income by 6.5 percent.

As a result of reducing property tax rates of legal entities from 5 to 2 percent, income tax from 14 to 12 percent, a single tax payment for small business from 5 to 4 percent, 2 trillion UZS of additional funds will remain at the disposal of entrepreneurs. In general, the number of taxes and obligatory payments will be reduced from 19 to 15 types.

These breaks will make budgetary revenues a little more difficult. In this regard, at the meeting instructions were given on reducing the deficit and increasing budget revenues, in particular, carrying out systematic work on legalizing the number of employees and wages.

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