In the forty-eighth plenary meeting of the Senate, senators diligently scrutinized the proposed law regarding the state budget of Uzbekistan for 2024. The central focus of the discussion centered on the anticipated GDP growth rate, which is projected to range between 5.6% and 5.8% in the country's economy for the upcoming fiscal year, the Senate's press service reports.
The law outlines a consolidated budget featuring a 4% deficit relative to GDP, amounting to UZS 52.6 trillion ($4.2bn). The budget's composition envisions revenues of 375 trillion ($30.3bn) and expenditures totaling 427.6 trillion ($34.6bn) in 2024.
Breaking down the figures, it was highlighted that State budget revenues stand at 270.4 trillion ($21.8bn), while expenses, including transfers to state trust funds, reach 312.9 trillion ($25.3bn). The law maintains the existing tax rates as outlined in the primary directions of the tax policy.
For state trust funds (excluding interbudgetary transfers), the law outlines planned income and expenses at 55.2 trillion ($4.4bn) and 85.8 trillion ($6.9bn), respectively.
Maintaining a social focus, the budget allocates approximately 50% of its total expenditures, equivalent to 151.5 trillion ($12.2bn), to sectors such as education, healthcare, social protection, science development, culture, sports, housing provision, and other social initiatives.
Aligned with the Uzbekistan 2030 Strategy and national sustainable development goals, the law prioritizes key areas and tasks. Senators, in their discussions, emphasized the importance of boosting budget revenues through strategies such as reducing the shadow economy, ensuring efficient and targeted use of funds, and enhancing the effectiveness of allocated resources.
Significant adjustments were noted in the law, such as a 5% reduction in the import rate of alcohol and tobacco to equalize excise tax rates locally and on imports. Additionally, the tax rate for subsoil usage concerning limestone for cement production saw a 2-time reduction per ton.
Senators applauded the law's commitment to expanding the budget revenue base and its focus on promoting a healthy lifestyle and nature conservation through tax policy adjustments. The law was ultimately approved by the senators.
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