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Single Tax for Micro Firms and Small Enterprises to Be Decreased to 5%

At an enlarged meeting of the Committee of the Legislative Chamber of Oliy Majlis on budget and economic reforms, a project of Budget Message has been considered: State budget, state trust funds and the main directions of tax and budget policy of the Republic of Uzbekistan for 2016.

­In particular, in order to create an additional source for further reduction of the tax burden of economic entities, strengthening their logistical base, and encouragement of employees for micro firms and small enterprises in the services sector due to a decrease of the single tax payment from 6% to 5%, these companies will dispose 58.4 billion soums. An increase of the share of service sector in GDP is to 55%.

Because of the implementation of measures envisaged in the tax policy concept in 2016, the tax burden on the economy has been reduced compared to the previous year from 20.7% to 19.1%.

State budget revenues will amount to 40.5 trillion soums, expenses - 42.7 trillion soums, and the scarcity of 2.2 trillion soums, or 1% in relation to GDP.

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