Uzbekistan plans to reduce VAT rate to 15%
During the video conference on September 11, Shavkat Mirziyoyev instructed the Ministry of Finance to prepare a draft decision of the President to reduce the value-added tax rate from the current 20% to 15%.
During the video conference on September 11, Shavkat Mirziyoyev instructed the Ministry of Finance to prepare a draft decision of the President to reduce the value-added tax rate from the current 20% to 15%.
"The reduction of the value-added tax rate to 15%, together with measures aimed at ensuring its neutrality, proposed in the new edition of the Tax code, will have a positive impact on the activities of economic entities," the Ministry of Finance said in a statement.
At the same time, according to the preliminary assessment of the Ministry, the reduction of the VAT rate by 5% points would have reduced revenues to the State budget by 10 trillion soums per year or about 2% of GDP.
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