First Deputy Prime Minister and Minister of Finance of Rustam Azimov and chairperson of the committee of the Legislative Chamber on budget and economic reforms Adham Shadmanov presented the reports on the considered issue, the press service of the lower house of the Uzbek parliament said.

The main directions of tax and budget policy for 2016 are formed on the basis of priorities, goals and objectives defined by the head of the state and provide further reducing the tax burden, to ensure balance of the State budget, increasing efficiency of budget allocations. In addition, further development of social sphere will be continued, increase in real incomes and savings of the population while increasing targeted social assistance to needy families, improving inter-budgetary relations, increasing the revenue base of local budgets is planned.

The documents envisage gradual growth of economy and preserving economic stability figures and growth of export and payment balance surplus.

MPs underlined that the macroeconomic figures for 2016 envisage growth of GDP by 7.8%, industrial output – 8.2%, agriculture production – 6.1% and capital investments – 9.6%.

It was underlined that Uzbekistan plans to decrease tax burden in 2016 and stimulate sustainable economic growth, ensure balanced budget system, improve efficiency of budget spending, etc.

During the session, MPs considered the draft state budget. Representatives of all parties and MP Groups presented their position on the documents.

It was stated that in 2016 it is planned to decrease single tax payment for microfirms and small enterprises in service sector from 6% to 5%, which will help to save 58.4 billion soums. It was stated that tax policy for 2016 will improve investment climate in 2015, stimulate modernization and re-equipment of enterprises, support small and private businesses, as well as improve competitiveness of the Uzbek economy.

The state budget envisages growth of expenses to cultural and sport objects by 1.16 times in 2016 compared to 2015. About 22 billion soums will be directed to conservation and restoration of cultural and archeological heritage.

About 59.2% of expenses of the state budget will be directed to social sector and social support of population. About 2.1 trillion soums will be used to support low-income families and payment of social allowances to families with children. Expenses to science will grow by 1.36 times in 2016.

AThe Legislative Chamber passed State Budget of Uzbekistan and budgets of the state trust funds, as well as the main directions of tax and budget policy for 2016, taking into account opinions and remarks. The corresponding resolution was adopted.