BAKU, Azerbaijan, Mar.17
Trend:
Uzbekistan plans to reduce the tax burden on the economy to 25 percent by 2026, Trend reports via the press service of the country’s president.
It is also planned to reduce the rate of value-added tax to 12 percent from 2023, and in the future - the unification of land tax and property tax.
These issues were discussed during a meeting on tasks of improving the tax sector of the country held by the President of Uzbekistan Shavkat Mirziyoyev at the State Tax Committee.
In recent years, the tax administration has been actively reformed in the country. In December 2019, a new version of the Tax Code was adopted, which introduced direct action norms. The number of types of taxes has been reduced from 13 to 9. The property tax rate has been reduced from 5 to 1.5 percent, and the value-added tax - from 20 to 15 percent. The tax burden on wages has been reduced by almost 2 times.
As a result, entrepreneurs' confidence in the reforms has been strengthened, and tax revenues have grown by four times. The number of VAT payers increased from 6,000 to 152,000.
The new Development Strategy sets out tasks to continue these reforms, as well as to further reduce the tax burden on the economy and simplify tax procedures.
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