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Home / Business / Rate of Single Land Value Tax Is Reduced by Six Ti...

Rate of Single Land Value Tax Is Reduced by Six Times

On 1 January 2016, in compliance with the Decree of the President ‘On the forecast of key macroeconomic indicators and parameters of the State Budget of Uzbekistan for 2016’, the single land value tax rate was set at 0.95%, according to Norma.

The rate of single land tax is set at 0.95% of the recalculated regulatory cost of agricultural land in prices of 2014 year. Previously, the rate was 6% of the regulatory cost of agricultural land in prices of 2004 year. The regulatory cost of agricultural land to each farm is determined by Goskomzemgeodezkadastr of Uzbekistan.

The recalculation of regulatory cost of agricultural land, completed in 2015, led to a significant increase of this cost. Therefore, land value tax rate was proportionally reduced, because of completion of re-evaluation and in order to prevent deterioration of the conditions of taxation of farms.

For reference: the rate of land value tax has not been revised since 2011.

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