The value added tax (VAT) rate could be reduced from 15% to 12% starting from 2023. This proposal is contained in the draft Uzbekistan’s Development Strategy for 2022–2026 which has been posted for public input.
According to the document, from 2023 the value added tax rate will be reduced to 12 percent, the income tax rate in banking and finance, telecommunications sector will be cut to 15 percent.
The Ministry of Finance and the State Tax Committee will be instructed, by November 1, 2022, to submit to the Cabinet of Ministers the relevant draft amendments to the Tax Code of the Republic of Uzbekistan.
Earlier in early September of this year, President Shavkat Mirziyoyev announced that from 2023 the value added tax (VAT) rate will be reduced from 15 to 12%.
“In 2020, we have reduced the value added tax rate from 20 to 15%. This means that 10 trillion soums will remain at the disposal of 100 thousand businesses. Now we will lower this rate from 2023 to 12%, ” he said.