Thursday, 04, June, 2020

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.



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