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NEWS AND EVENTS
November 28, 2006
UZBEKISTAN SENATE APPROVES 2007 STATE BUDGET
Uzbekistan Senate?s Committee for Budget and Economic Reforms held a session on 24 November to discuss the main macroeconomic indicators and parameters of the state budget for 2007, the Senate press service said.

The budget for the coming fiscal year is even more socially oriented, and there are tendencies of reduction of the tax burden on the economy and the people?s incomes. After the discussion, the senators approved the State Budget of the Republic of Uzbekistan for 2007.

A round table on deepening budget and tax reforms was organized by the Senate committee together with the Finance Ministry and the State Tax Committee on the same day. The heads of the named structures and large companies informed the session participants of the reforms in their respective spheres, as well the the reforms? influence on the various economic sectors.

The forum participants voiced the need to improve the tax legislation. They said the new draft Tax Code had been developed in order to create favorable tax conditions for entrepreneurs and optimize the taxation system.

Reduction of a number of taxes and abolition of economic tax in 2006 allowed the local companies to save significant funds, it was said.

The tax policy for 2007 envisages further reduction of the tax burden.


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