TASHKENT, Uzbekistan, December 18. Uzbekistan to raise tax base for corporate property starting from 2024, Trend reports.
As per data provided by Uzbekistan’s Ministry of Economy and Finance, starting from January 1, corporate property tax rate will amount to the following:
Tashkent — 3 million soums ($240.8) - a 20-percent increase from 2.5 million soums or $200.7
Nukus and other regional centers — 2 million soums ($160.5) - a 33-percent increase from 1.5 million soums of $120.4
other cities and villages — 1.2 million soums ($96.3) - a 20-percent increase from 1 million soums or $80.2
Moreover, starting from 2024, tax documentation for small businesses and farmers is planned to be transferred to electronic format.
Since September 1 of 2023, reports on property and land taxes for entrepreneurs in Uzbekistan are compiled by special tax officers designated for each area.
As the data by Uzbekistan’s Ministry of Economy and Finance shows, the state budget revenues amounted to 38.1 trillion soums ($3.1 billion), two thirds of which came from tax payments.
The increased expenditures, exceeding 50 trillion soums ($4 billion), were mainly the result of an increase in VAT refund by 1.4 trillion soums ($115.1 million).
