20:27 / 20.12.2023

Senate approves the state budget for 2024

At the 48th plenary session of the Senate, the law “On the State Budget of the Republic of Uzbekistan for 2024” was considered by senators. The bill was discussed in November.

During the discussions, it was noted that in 2024, the growth rate of the gross domestic product in the country’s economy is expected to be 5.6-5.8%.

In 2024, consolidated budget revenues are planned to be 375.0 trillion soums, and expenses are planned to be 427.6 trillion soums. The consolidated budget was formed with a deficit of 52.6 trillion soums or 4% of GDP.

It was noted that state budget revenues amounted to 270.4 trillion soums, and expenditures, taking into account transfers to the state special funds, amounted to 312.9 trillion soums.

The main directions of the tax policy were determined, according to which the main tax rates were left unchanged. Revenues and expenditures of state trust funds (excluding interbudgetary transfers) are planned in the amount of 55.2 trillion soums and 85.8 trillion soums, respectively.

In the following year, the social orientation of budget expenditures will be maintained, about 50% of the total state budget expenditures or 151.5 trillion soums will be allocated for education, healthcare, social protection, development of science, culture and sports, housing for the needy population and other social activities.

During the discussions, senators paid special attention to increasing the budget revenues. They expressed their views on reducing the hidden economic activity, effective and targeted use of budget funds, and ensuring the effectiveness of the allocated funds.

Reportedly, in order to equalize the excise tax rates set for domestic and import, the rate for the import of alcohol and tobacco products is reduced by 5%, and the tax rate for the use of subsoil is reduced by 2 times (from 22,500 soums to 11,250 soums) for 1 ton of limestone intended for cement production.

The law was approved by senators.

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