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Economic growth projected at eight per cent in Uzbekistan in 2013

14 November 2012

http://en.trend.az of 11/14/2012 - The forecasted GDP growth in Uzbekistan for 2013 amounted to eight per cent, industrial production - 8.4 per cent, agricultural production - six per cent and capital investments - 9.3 per cent.

This was reported in a statement of the legislative (lower) House of Parliament of the Republic following a meeting of the Parliamentary Committee on Budget and Economic Reforms which considered the main directions of tax and budget policy and the draft state budget for 2013.

According to the information it is proposed in the main tax policy for 2013 to maintain the current tax rate, improve and develop the social infrastructure, the single tax payment for micro and small enterprises, value added tax and other mandatory payments.

Currently, the basic rate of income tax for legal entities is nine per cent, for banks - 15 per cent, a single tax payment for micro and small businesses instead of the total tax payment - five per cent and value-added tax rate of 20 per cent.

A one per cent decrease of the minimum tax rate on personal income which will reduce the tax burden for all categories of taxpayers, especially low income groups is expected in 2013.

'By further harmonisation of indirect taxes and resource payments it is expected to increase their share in the income of the state budget from 65.5 per cent to 66.8 per cent. As a result of the measures contained in the concept of tax policy, the tax burden on the economy will decrease by 0.3 per cent', a statement said.

The focus of the concept of fiscal policy for 2013 is given to social support and implementation of measures on a consistent increase of budgetary institutions employees' salaries, pensions, stipends and social allowances.

The report does not present the main parameters of the state budget, or the amount of its income and expenditure.

As previously reported, the government plans to spend more than 59 per cent of the expenditure budget to finance the social sphere.

It is planned to direct 22 per cent more budget funds for the financial support of the government compared to this year. The amount of the costs of centralised investments will increase by 23 per cent.

As previously reported, the state budget of Uzbekistan for 2012 was approved with a deficit of one per cent of the projected GDP, or 966.5 billion soum. The revenue to the amount of 21.1 per cent of the GDP (20 trillion 393.9 billion soum) and expenses are to the amount of 22.1 per cent of GDP (21 trillion 360.4 billion soum).

Official exchange rate on Nov 13 is 1960.00 soum / $1