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Home / Politics / Members of Upper House of Parliament Approve State...

Members of Upper House of Parliament Approve State Budget for 2016

The Senate held its fourth plenary session on December 3. Invited members of the Cabinet of Ministers, heads of ministries and departments, representatives of other organizations and the media attended it.

 

The session was presided by the President of the Senate of Oliy Majlis N. Yuldoshev.

 

The senators started their work with consideration of the issue "On Amnesty in connection with the twenty-third anniversary of the adoption of the Constitution of the Republic of Uzbekistan". On this issue, participants adopted a corresponding decision.

 

Further, senators considered the State budget of Uzbekistan, budgets of state targeted funds and major directions of tax and budget policy for 2016.

 

The senators noted that the main financial document of the country, the State budget of Uzbekistan, budgets of state targeted funds and major directions of tax and budget policy for 2016 have been worked out on the basis of priorities, goals and objectives, determined by the President of the Republic of Uzbekistan. They include consistent continuation of the reform processes and modernization of the economy, maintaining the balance of the main macroeconomic indicators, a radical enhancement of the role of private property, ensuring reliable protection of private entrepreneurship, developing farming movement in order to ensure sustainable economic growth and stability in the country.

 

The main directions of fiscal policy and main macroeconomic indicators for next year include a GDP growth of 7.8 percent.

 

High rates of economic growth in 2016 will also be provided by an active investment policy. In particular, in 2016 it is envisaged to ensure the growth of all investments by 9.6 percent. It is planned to allocate funds from the State budget worth 4.5 trillion soums to render financial support to priority sectors of the economy, or 2.1 percent of GDP.

 

Fiscal policy for 2016 is aimed at further modernization, technical and technological renewal of production, accelerated development of road-transport and engineering-communication infrastructure, development of agriculture, growth of export and increase of competitiveness of the economy.

 

Further reducing the tax burden on economic entities and population, simplification of the taxation system, stimulating sustainable economic growth, providing the balance of the budget system by strengthening the revenue side of local budgets shall remain as the main priorities in the field of tax policy.

 

Reducing the tax burden on the income of the population provides for the cut in the Individual income tax  from 8.5 to 7.5 percent, which would increase income by an additional 235 billion soums.

 

In 2016, it is envisaged to reduce the rate of single tax payment for microfirms and small enterprises of the sphere of services from 6 to 5 percent, which will increase the share of services in GDP from 54.5% to 55.5%, as foreseen by the Program of development of services in Uzbekistan for 2012-2016.

 

During the discussion of the main financial document of the country, senators noted the consistent continuation of the social orientation of the State budget. Thus, the share of social expenditures of the State budget comprises 59.2 percent. The parameters of the State budget envisages increased spending on social support of the population, financing of construction, reconstruction, refurbishment and equipping of higher educational institutions, strengthening the material-technical base of secondary schools and preschool institutions.

 

In the context of the ongoing global financial and economic crisis, shrinking investment and falling growth rates in most countries of the world, the State budget of the Republic of Uzbekistan for 2016 provides for the maintenance of steady growth of real income and savings, the standard of living of the population. It is envisaged to further increase the salaries, scholarships, social benefits and pensions in size, outpacing the rate of inflation, bettering the targeting of social support to needy families, as well as improving the efficiency of use of budgetary funds.

 

The senators approved the State budget of Uzbekistan, budgets of state targeted funds and major directions of tax and budget policy for 2016.

 

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