The Law on the State Budget is aimed at the progressive development of the economy

President Shavkat Mirziyoyev was provided with information on measures to ensure the implementation of the Law ‘‘On the State Budget of the Republic of Uzbekistan for 2025’’, the press service of the head of our state reports.

The law consists of 17 articles and 10 appendices, which reflect the main economic indicators for the current year. In particular, it is expected that in 2025, the gross domestic product of our country will grow by 6 percent.

The consolidated budget was approved with a deficit of 3 percent of GDP, while its revenues are planned in the amount of 431 trillion soums, and expenses – 480.5 trillion soums.

The balance of the State Budget and the budgets of state target funds was formed with a deficit of 2 percent of GDP. At the same time, the revenues of the State Budget are determined in the amount of 308.5 trillion soums, and expenses – taking into account transfers to state target funds – in the amount of 344.8 trillion soums.

For 2025, the forecast was taken into account, according to which the budget revenues of the Republic of Karakalpakstan, as well as local budgets of the regions and the city of Tashkent will amount to 65.8 trillion soums, and expenses – 84.3 trillion soums. It is also envisaged to transfer 18.5 trillion soums of inter-budget transfers from the republican budget to local ones.

In accordance with the law, the social focus of budget expenditures will also be maintained this year. It is assumed that 52 percent of the total amount of funds of the State budget will be directed to activities in the fields of education, healthcare, social protection, as well as the development of science, culture, sports and providing low-income citizens with housing.

In order to increase the revenues of local budgets and expand their independence, the following types of taxes were additionally assigned to the budgets of districts and cities:

– turnover tax, as well as land tax and property tax of legal entities in full (with the exception of taxes paid by large taxpayers);

– at least 50 percent of revenues from personal income tax (except for taxes paid by large taxpayers);

– 50 percent of revenues from the privatization of state property transferred to local budgets.

In addition, local Kengashes of districts and cities were granted the authority to apply coefficients to certain types of taxes.

In general, this year the State Budget will be aimed at the progressive development of the economy, targeted solutions to social issues and improving the well-being of the population.