OREANDA-NEWS. November 05, 2009. The Legislative Chamber of the Oliy Majlis of Uzbekistan approved the state budget for 2010 at its session, reported the Official website gov.uz.

Prime Minister Shavkat Mirziyoyev, members of the Cabinet and heads of various national organizations participated in the session, chaired by the Legislative Chamber Speaker Dilorom Tashmuhamedova.

The report on the draft state budget for 2010 was presented by the First Vice Prime Minister, Minister of Finance Rustam Azimov. The chairman of the parliament’s Budget and Economic Issues Committee Abdurafik Ahadov presented a co-report on the issue.

They noted that the budget was aimed at ensuring macroeconomic stability and high GDP growth rates, formation of the diversified and competitive economy, as well as raising the living levels of the population.

The document was developed with consideration of the Anti-crisis program for 2009-2012, proposed by the President Islam Karimov.

The state budget envisages a wide range of long-term measures for development of the production, improvement of the banking activities, support of the small business and farmers, and stimulation of the service sector. It also covers issues like development of industrial and social infrastructure in the villages, as well as cardinal improvement of the quality of life in rural areas.

The tax policy of Uzbekistan in 2010 will be aimed at reduction of the financial burden on the economic entities, stimulation of the modernization of the production, increasing the incomes of the citizens and improvement of the tax administration.

The budget envisages increasing the expenditures for the social sphere and social support of the population from 55.6% in 2009 to 59.1% in 2010, which is equal to 13.5% of the GDP.

The lowest level of the income tax for individuals will be reduced from 12% to 11%. Besides, additional preferences will be introduced, like reduction of the taxed income by the amount of money paid for the university education or voluntarily transferred to individual pension accounts.
Thanks to these preferences, the tax burden on the incomes of the individuals will decrease by a total of more than UZS 102 billion in 2010.

The state budget for the next year also includes construction of the new school, academic lyceums and professional colleges, as well as material support of the young people.