Uzbekistan’s black market exceeds half of GDP
By Trend
Total volume of shadow economy exceeds the half of GDP in Uzbekistan.
Such an assessment of the current state of the national economy was made by the country’s First Deputy Economy Minister Mubin Mirzaev at a meeting of the International Press Club.
He said that a similar state hinders the development of the economy and budget revenues.
The first step towards solving this problem was the liberalization of the foreign exchange market, and the next will be the tax system reform.
In particular, the value added tax, which currently stands at 20 percent, can cover up to 80 percent of the state budget, if it is levied without taking into account benefits and preferences, noted the first deputy minister.
Mirzaev said that the tax system of Uzbekistan will be revised by July 1, 2018, and concrete proposals have been made to create a competitive environment and equal conditions for all entrepreneurs.
This will expand the tax base and contribute to greater sustainability of the state budget’s revenue part.
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