Tashkent, Uzbekistan (UzDaily.com) -- Senators at the forty-eighth plenary meeting of the Senate considered the Law “On the State Budget of the Republic of Uzbekistan for 2024”.

During the discussion, it was noted that the GDP growth rate in the country’s economy in 2024 is expected to be 5.6-5.8%.

The law formed a consolidated budget with a deficit of 52.6 trillion soums or 4% in relation to GDP, planning consolidated budget revenues in 2024 in the amount of 375.0 trillion soums and expenses in the amount of 427.6 trillion soums.

It was noted that State budget revenues amounted to 270.4 trillion soums, and expenses, taking into account transfers to state trust funds, amounted to 312.9 trillion soums.

At the same time, the main directions of tax policy are determined, according to which the main tax rates remain unchanged.

Income and expenses of state trust funds (excluding interbudgetary transfers) are planned in the amount of 55.2 trillion soums and 85.8 trillion soums.

The social focus of budget expenditures will continue next year, and about 50% of the total expenditures of the State budget or 151.5 trillion soums will be allocated to education, healthcare, social protection, development of science, culture and sports, provision of housing for those in need and other social activities.

The Law mainly takes into account the priority areas and tasks provided for by the Uzbekistan 2030 Strategy and national sustainable development goals.

During the discussion, senators paid special attention to increasing budget revenues. They spoke about reducing the shadow economy, efficient and targeted use of budget funds, and ensuring the effectiveness of allocated funds.

It was noted that the import rate on alcohol and tobacco was reduced by 5% in order to equalize the excise tax rates established locally and on imports. The tax rate for the use of subsoil is reduced by 2 times per 1 ton of limestone intended for cement production.

The senators also especially noted that the Law is aimed at expanding the budget revenue base, and when determining tax policy, at improving a healthy lifestyle and stimulating nature conservation.

The law was approved by senators.