In 2014, in Uzbekistan the tax rate on corporate income and personal income will be lowered

On November 15, 2013 at the Legislative Chamber of Oliy Majlis was held the regular plenary session. After the adoption of the agenda, deputies reviewed the draft State Budget of Uzbekistan for 2014.

The Deputy Prime Minister , Minister of Finance of the Republic of Uzbekistan Rustam Azimov as well as, the vice chairman of the Committee of Economic Reforms, Sarwar Otamuratov made reports on this issue.

At the meeting. it was noted that the draft is based on the socio-economic development program of the country as determined by the President of Uzbekistan Islam Karimov at the government meeting in January 2013, and the forecast of socio-economic development in the current year.

It aims to preserve the sustainable high rates of economic growth, macroeconomic stability and balanced growth rates of exports, the positive balance of foreign trade and balance of payments , improve the competitiveness of the economy.

Thus, in 2014 in Uzbekistan the GDP is expected to grow for 8.1% , industrial output - by 8.3%, agricultural output - by 6% and capital investment - by 9.5%.

The draft State Budget is reducing the basic rate of income tax for legal entities from 9% to 8%. If we compare this figure in the U.S. it is 39 %, Germany - 30%, Korea - 24 %, Russia - 20%, Ukraine - 19%.

"It should be emphasized that as a result of reduction in tax on profits tax burden on the economy declined by 0.5%. In addition, it will leave at the disposal of enterprises of 132 billion soums, which further stimulates their activities," - said the deputy of legislative Chamber of Oliy Majlis of Uzbekistan, a member of UzLiDeP Nasimjon Alimov.

In 2014, minimum rate of income tax scale is expected to decrease from 8% to 7.5%. It should be noted that 5 years ago, the rate was 13%. Thus, during these years, the tax rate on personal income decreased by 2 times.