Tuesday, 23, January, 2018

Economy

Uzbekistan in 2017 reduced petroleum production by 6.3% down to 806 Mt, and increased natural gas production up to 56.417 Bcm, or a 0.5% increase compared to 2016, statistics committee said.

The size of Uzbekistan’s shadow economy is estimated at over 50% of GDP, the first deputy economy minister Mubin Mirzayev said at International Press Club meeting Thursday.

In Uzbekistan, the concepts: "consumer basket" and "minimum subsistence level", as well as the criteria for their measuring, may be introduced. This is proposed in the draft 2018 State Program which has been posted for public consultation. It is planned to implement the initiative before July 1.

Uzbekistan will purchase 5,778 units of agromachineries in the first half-year of 2018. President Shavkat Mirziyoyev on 4 January signed Additional Measures to Further Enhance Equipedness of Agriculture With Machineries Decree.

President Shavkat Mirziyoyev on Dec. 29, 2017 signed Forecast for main Macroeconomic Figures and Parameters of Uzbekistan’s Budget for 2018 Decree, which envisages cutting from 27 to 5%, or by 5.4 times the excise duty for GM Uzbekistan cars.

President Shavkat Mirziyoyev signed Implementing the HS Nomenclature 2017 Edition Decree, which will come into force from January 1, 2018.

China Railway Tunnel Group has launched the Shargunkumir JSC modernization project, which envisages the increase in the hard coal production up to 900 thous. tons per year, Uzbekistan Railways said.

US$ 10 limit for duty-free personal import of consumer goods from neighboring countries is expected to become a thing of the past in Uzbekistan, a source in the government said.

Starting from January 1, 2018 Uzbekistan has increased excise duty for alcoholic beverages. The new rates were set by the President's Forecasts of main macroeconomic figures and parameters of Uzbekistan's State Budget for 2018 Decree.

Value-added tax (VAT) is expected to be cut in Uzbekistan, with the range of tax payers to be expanded and tax reliefs to be scrapped. This is stated in the December 29 President's decree which approved the main macroeconomic figures and parameters of the 2018 state budget.