Regulatory Alerts2019-12-30 | ПҚ-4555Added · Updated
Decree on Measures to Ensure Implementation of the Law of the Republic of Uzbekistan 'On the State Budget of the Republic of Uzbekistan for 2020'
The decree introduces a new budget system for 2020 that expands the powers of the Oliy Majlis and local councils in approving budget expenditures and increases the autonomy of local authorities in managing local budget revenues. It mandates that the consolidated budget deficit remain below 0.5% of GDP, limits new external debt contracts to $4 billion, and restricts the utilization of external debt repayments to $1.5 billion. Specific tax adjustments include capping property tax increases for individuals at 1.3 times the 2019 amount, setting profit tax rates for Navoiy and Almalyk mining combinatorates based on profitability, and distributing social tax revenues between the Pension Fund, Employment Fund, and Trade Unions. The document also prohibits budget spending without clear financing sources or approved project documentation and requires the full transfer of profit tax from large taxpayers to the republican budget.
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