According to the conclusions of the Chamber of Accounts on the state budget for 2022, the cost of selling electricity and natural gas to domestic consumers may increase. It is also projected that the average annual amount of $1 in 2022 will be 11,321 soums.
The Accounts Chamber has published its opinion on the draft law “On State Budget” for 2022 and the budget proposal.
Key economic indicators
According to the submitted budget proposal, the gross domestic product in 2022 is planned to reach 839.9 trillion soums or $74.2 billion, its per capita income – 23.8 million soums or $2.1 thousand.
In 2022, the real growth rate is projected at 5.9%.
Exports are expected to grow by 19% compared to 2021 and amount to 27.2% of GDP, and imports – 9.5% and 35.2% of GDP, respectively.
The foreign trade balance is expected to end with a negative balance ($5.94 billion).
Inflation is projected to be around 9% in 2022, 5% in 2023 and 5% in 2024.
Tariffs for electricity and natural gas sales to domestic consumers, hot water and heating, cold water and sewerage tariffs are expected to increase. This is explained by the fact that the prices of these resources have not changed in 2020-2021, they are expected to be indexed next year.
Changes in tax policy
The current value-added tax rate is maintained at 15%.
Excise tax rates are indexed to an average of 10% from June 1, 2022. A single tax rate is set for gasoline produced and imported in the country. The excise tax rate on liquefied gas is being abolished (30% in practice).
It is planned to reduce the rate of excise tax on polyethylene granules from 20% to 10%, as well as the introduction of excise tax on imports of polyethylene granules.
The budget proposal does not substantiate the reasons for the reduction of the excise tax rate for polyethylene granules from 20% to 10% and the introduction of an excise tax on imports.
In 2022, the average annual amount of $1 is projected to be 11,321 soums, the price of 1 troy ounce of gold – $1,700, the price of silver – $25, the price of copper – $8,500 per ton, the export price of 1,000 m³ of natural gas – $100.
