The value added tax rate is expected to be cut from 20% to 15%. Cutting the VAT to 15%, together with measures aimed at ensuring its neutrality, proposed in the new version of the Tax Code, will boost businesses, the Ministry of Finance said in a statement.
While, according to the ministry’s estimates, cutting the VAT rate by 5% will reduce budget revenues by 10 trillion soums per year, or about 2% of GDP.
Earlier President Shavkat Mirziyoyev at a government meeting instructed to cut VAT to boost businesses.
