During discussion of the budget, Senators noted that the main financial document of the country was developed taking into account ensuring macroeconomic stability, implementation of Anti-Crisis Measures for 2009-2012 and strong social policy and directed at achieving high GDP growth, forming diversified and competitive economy, further improving well-being and life standards of population.

It was noted that tax policy of Uzbekistan in 2011 will be directed at further decreasing tax burden to business entities, stimulating modernization and re-equipment of production capacities, increasing income of citizens and their purchase power, improving tax administration, and strengthening income part of local budgets.

In particular, it is planned to decrease tax rates for income of individuals on the first and medium tax scale will be decreased by one percentage point to raise real income of population in 2011. It is also planned to decrease basic single tax payment for microfirms and small enterprises will be decreased from 7% to 6%. This will allow business entities to save over 50 billion soums in 2011, which will allow them to expand production and speed up modernization.

Senators noted that the State Budget of Uzbekistan for 2011 envisages to increase share of expenses to social sphere and social support of population from 58.9% in 2010 to 59.5% in 2011, which makes up 13.1% of Uzbekistan’s GDP.

For example, the budget envisages further increase of income and life standards of population through increasing salaries, stipends, social allowances and pensions, effective use of budget funds, etc.