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In 2018, it is planned to combine some types of taxes and mandatory contributions

At an expanded meeting of the Cabinet of Ministers of Uzbekistan on 9 December, the forecasts of the main macroeconomic indicators and the concept of tax and budget policy and the draft state budget for 2018 were discussed, gazeta.uz reports citing UzA.

The main directions of the fiscal policy for the next year include reducing the tax burden, reducing the number of taxes and mandatory payments, strengthening the revenue base of local budgets and increasing their independence, rational use of resources and ensuring the completeness of revenues to the budget. In particular,
it is planned:

- merge of the profit tax and the tax on improvement and development of the social infrastructure, with a reduction in the aggregate base rate from 15.5% to 14.5%;

- merge of mandatory contributions to the Pension Fund, the Republican Road Fund, the Fund for the Development of the Material-Technical Base of Educational and Medical Institutions into single payment - mandatory contributions to state trust funds, while reducing the aggregate rate from 3.5% to 3.2%, which will allow the disposal of economic entities of the order 411 billion soums;

- decreasing the tax burden on individuals' income by increasing the amount of deductions to individual savings accounts of citizens from 1% to 2%, which will make it possible to increase the accumulation of citizens by more than 450 billion soums;

- reduction of the fixed tax rate for individual entrepreneurs by an average of 30%, which is aimed at increasing the entrepreneurial activity of the population;

- granting the right to local authorities, taking into account the peculiarities of the regions and the place of carrying out activities, introduce decreasing and increasing coefficients from 0.7-1.3 to the established basic rates for the personal property tax, land tax and fixed tax.
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