Tuesday, 25, June, 2024

The Finance Minister Timur Ishmetov addressed the meeting of the Legislative Chamber and spoke about an important change in the tax policy for 2023.

According to him, in 2023 the base income tax rate will remain at 15%, the personal income tax rate will be 12%, and the corporate property tax rate will be 1.5%.

Meanwhile, Timur Ishmatov said that in 2023 the value added tax (VAT) rate would be reduced from 15 to 12 percent.

“This is the most important change in our tax policy,” he stressed.

According to forecasts, as a result of the rate cut, businesses will retain 13 trillion soums. While, the authorities expect that in 2023, revenues from this tax to the budget will be by 16 trillion soums more than this year.

On August 22, during at the meeting with business leaders, President Shavkat Mirziyoyev announced that from January 1, 2023, the VAT rate would be reduced from 15 to 12 percent.

Latest in Finances