NEWS AND EVENTS
October 23, 2014
Legislative Chamber adopts state budget for 2015
Legislative Chamber of Oliy Majlis of Uzbekistan adopted a state budget for 2015 at its session on 22 October 2014.
At the session, MPs considered the budget message for 2015, which includes state budget of Uzbekistan, budgets of the state target funds, as well as main directions of tax and budget policy for 2015.
It is expected that Uzbekistan’s gross domestic product (GDP) will gro2 by 8%, industrial output – 6.3%, agriculture production – 6% and capital investments – 9.6%.
According to the document, the base rate of income tax for legal entities is offered to fall from 8% to 7.5%. This will help businesses to save money, which can be used to strengthen technical base of the company and stimulate labour of employees.
In 2015, it is planned to cut interest rates on loans, issued to individuals to construction of individual houses on standard projects in rural areas, within the programme of construction of individual houses in rural areas from 7% to 6%.
The rate of single social payment for microfirms and small enterprises, as well as farms is offered to decrease from 25% to 15%. This will decrease tax burden to labour payment fund and the businesses will save 481.8 billion soums. (Currency rates of CB from 23.10.2014 1$= 2379.75 soums)
The rate of single tax payment for construction organization, belonging to microfirms and small enterprises, is planned to cut from 6% to 5%.
It is expected that social expenses of the state budget in 2015 will make up 12.8% of GDP or 59.2% of total expenses. This will grow by 1.2 times compared to 2014.
The expenses for education will be at the level of 7.3% to GDP, healthcare – 3.1%, social allowances, material assistance to low income families and compensation payments – 1.3% to GDP. The State budget envisages that expenses to science will increase 1.26 times year-on-year in 2015.
After the discussion, the Legislative Chamber of Oliy Majlis of Uzbekistan approved the state budget of Uzbekistan, budgets of the state target funds, as well as main directions of tax and budget policy for 2015. The corresponding resolution was adopted.