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Legislative Chamber of Uzbekistan Adopts Budget Deficit for 2013
Source: en.trend.az
Source Date: Saturday, November 17, 2012
Focus: Citizens’ Service Delivery
Country: Uzbekistan
Created: Nov 19, 2012

Legislative Chamber (lower house of the Uzbek parliament) approved the state budget deficit of Uzbekistan for 2013 at the rate of one per cent of the projected gross domestic product (GDP).

According to the official information of the lower house of the Uzbek parliament, the revenue of the state budget for 2013 will amount to 21.3 percent of GDP, expenditure - 22.3 percent.

The parameters of state budget are designed to meet the GDP growth of eight percent for 2013, industrial production - by 8.4 percent, agricultural production - 6 percent, capital investment - 9.3 percent.

The report notes that "the tax and fiscal policies aimed at further reducing the tax burden, improving the investment and business climate, promoting the modernization of the economy, supporting of business entities, especially small businesses and private entrepreneurship, improving of tax administration as well as ensuring macroeconomic balance and welfare growth of the population."

The concept of tax policy, approved by MPs, will provide, the tax burden reducing on the economy by 0.3 percent of GDP in the coming year.

In particular, it provides a reduction of the minimal tax rate on personal income from nine to eight percent, which would leave about 186 billion soum at the disposal of individuals.

More than 59 percent of the total budget expenditure budget will be allocated for social spending

The main financial document, approved by the MPs of the Legislative Chamber, will be directed to the upper house - the Senate. It is expected that the Senate will consider the budget at a plenary meeting on December 5-6.

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

Official exchange rate on November 17 is 1963.15 soum/$ 1
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