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Uzbekistan 2013 Budget To Cut Tax Burden

by Tatiana Smolenskaya, Tax-News.com, Moscow

08 November 2012


The Uzbek government has agreed a draft Budget for 2013, that will slash the nation's tax-to-gross domestic product (GDP) ratio from 21.6%, to 21.3% next year.

The government agreed that following buoyant tax collections this year, the lowest rate of personal income tax can be reduced to 8% from 9%, costing the government UZS186bn (USD94.9m) annually. Minimum wage levels, the parameter used to determine personal income tax thresholds, will be hiked. The nation operates a three-tier personal income tax regime with the top rate of 22% applicable on income of more than ten times the minimum wage.

Next, to encourage innovative activity, the government is to grant an exemption from taxes on patents, licenses, software and copyrights.

Other measures envisaged for 2013 aim to simplify the tax system and enhance tax administration.

Statistics for the first half of the year, released ahead of the draft budget, show that Uzbekistan achieved GDP growth of 8.1%, and a fiscal surplus of 0.2%. The government in particular highlighted that corporate tax revenues from small businesses, and personal income tax revenues, rose by 29.1% and 21.3%, respectively, despite a 1% corporate tax rate reduction for small businesses, and an earlier cut to personal income tax rates.

TAGS: tax | small business | business | patents | fiscal policy | budget | copyright | tax thresholds | tax rates | individual income tax | Uzbekistan

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