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Finance 22/10/2010 Uzbek government considers state budget for 2011
Uzbek government considers state budget for 2011
Tashkent, Uzbekistan (UzDaily.com) -- On 22 October 2010, the Government of Uzbekistan considered forecasts of main macroeconomic figures, concept of tax and budget policy, as well as draft project of the State Budget of Uzbekistan for 2011.

During the discussions, the government reviewed and supported the proposal of Economy Ministry, Finance Ministry and Central Bank of Uzbekistan on macroeconomic figures for 2011, which envisages to keep high growth of gross domestic product (GDP), industrial output, agriculture production, consumer goods output, construction works and services. It also envisages to control investments.

It was said that concept of tax and budget policy and draft State Budget of Uzbekistan for 2010 stipulates further decreasing of tax burden to economy and growth of income and well-being of population and salaries of budget organizations, etc.

In particular, it is planned to decrease basic rate of single tax for microfirms and small businesses from 7% to 6% and introduce improved order of tax payment to stimulate development of small and private entrepreneurship in Uzbekistan.

The concept also envisages to decrease income tax rate for individuals on first scale (income at the size up to 5 times over minimum salary) from 11% to 10% and on second scale (income at the size from 5 to 10 times of minimum salary) from 17% to 16%. This will cut tax burden to population.

After the discussions, the government adopted decision to approve forecast of macroeconomic figures, main directions of tax and budget policy and the draft of State Budget of Uzbekistan for 2010. The documents will be directed to Legislative Chamber of Oliy Majlis for consideration.

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