Some taxes are to go down in Uzbekistan as of next year in accordance with the latest Tax Policy Concept. Gazeta.uz reported that Rustam Azimov, Senior Deputy Premier and Finance Minister, is promising to reduce the income tax for individuals.

The lowest tax rate is to go down from 13% to 12%, medium from 18% to 17%, and the highest from 25% to 22%. The insurance contribution rate meanwhile will be raised from 2.5% to 3.5% to ensure stability of the old insurance system.

Single tax rate will go down from 8% to 7% to stimulate small businesses in the industrial sector of economy. Small businesses will therefore save over 15 billion sums ($1 = 1,361 sum) that would have ended up in the national budget otherwise.

Reduction of the flat-sum tax for entrepreneurs will average 30%.

According to Azimov, all of that was supposed to encourage the masses to go in for business.

The land tax, single land tax, and water tax will be increased by 25%.

Originally posted and written for: Ferghana.ru

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