Uzbek Senate OKs 2016-state budget
By Laman Sadigova
The Senate of Oliy Majlis of Uzbekistan has approved the state budget of Uzbekistan and budgets of the state trust funds, as well as the main directions of tax and budget policy for 2016.
The main directions of budget-tax policy and main macroeconomic figures for 2016 envisage growth of GDP by 7.8%, industrial output – 8.2%, agriculture production – 6.1% and capital investments – 9.6%.
The state budget for 2016 was approved with a deficit of about 1 percent from the projected gross domestic product.
The money, planned to be allocated to education will amount to 6.8 percent of GDP, health care system costs – in the amount of 2.8 percent. About 59.2% of all expenses of the budget will be directed to social sector and social support of population. Expenses to economy will make up 10.8% of all expenses and centralized investments – 5.1%.
Uzbekistan plans to decrease tax burden in 2016 and stimulate sustainable economic growth, ensure balanced budget system, improve efficiency of budget spending, etc.
Also, a number of taxes will be indexed, such as the personal property tax, land tax, the excise tax on alcohol and tobacco products is provided.
The state budget of Uzbekistan for 2015 was approved with a deficit of 1.8 trillion soums, or in the amount of 1 percent of projected GDP. The revenue part of the budget was approved in the amount of 36.2 trillion soums (20.2 percent of GDP) and expenditures - 38 trillion soums (21.2 percent of GDP).
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