Development of the Tax 2025 Strategy – requirement of the time
UzLiDeP considers the ongoing active development of the country’s competitiveness, improving the quality of life of citizens and the wellbeing of families as the main criterion for the economic policy of our state.
We support macroeconomic policy aimed at implementation of a moderate monetary policy, which provides for high economic growth rates, a balanced state budget, strengthening the revenue side of local budgets, simplifying the tax system, and financial market stability. The only effective method for solving these problems is to further deepen market reforms.
It is appropriate to note that as a result of the reforms implemented in the country over the past five years, the gross domestic product increased by 1.27 percent. As a result of the foreign exchange liberalization policy, an increase in GDP per capita is expected to be 1.5 times higher than in 2017. That is, if in 2017 the volume of GDP per capita was 1,163 USD, then in 2019 this figure could amount to 1,775 USD (in 2018 it was 1,533 USD). As a result of attracting investment in the real sector of the economy, liberalization of the business sector, the share of industry in GDP amounted to 18.1 percent in 2014, and by the end of 2019, this indicator is expected to grow to 28 percent (in 2018 – 26.3 percent). The increase in the share of construction in the gross domestic product from 5.1 to 5.7 percent, and agriculture from 30.3 to 32.4 percent can also be seen. As a result of tax liberalization and a reduction in the tax burden on business entities, the share of net taxes in GDP was provided by 10-11 percent.
In this regard, the party considers it necessary to submit appropriate proposals to the new edition of the Tax Code and develop Tax 2025 Strategy. They will reflect such issues as reducing the tax burden for economic entities; guaranteeing the immutability of long-term tax rates and informing taxpayers about changes 2-3 years in advance; ensuring full compliance by entrepreneurs with their tax obligations and full protection of their interests.
Head of Finance Department of the
Banking and Finance Academy of
the Republic of Uzbekistan: