Senators also approved a law “On introduction of changes and amendments to Tax Code of Uzbekistan in connection with adoption of the main directions of tax and budget policy for 2016”.

The main directions of budget-tax policy and main macroeconomic figures for 2016 envisage growth of GDP by 7.8%, industrial output – 8.2%, agriculture production – 6.1% and capital investments – 9.6%.

Income part of the budget envisaged at the size of 18.4% to GDP or 40.5 trillion soums and expense – 19.4% to GDP or 42.7 trillion soums. The deficit of the budget will make up 1% to GDP or 2.2 trillion soums.

Uzbekistan plans to decrease tax burden in 2016 and stimulate sustainable economic growth, ensure balanced budget system, improve efficiency of budget spending, etc.

It is planned to decrease single tax payment for microfirms and small enterprises in service sector from 6% to 5% in 2016, which will help to save 58.4 billion soums.

About 59.2% of all expenses of the budget will be directed to social sector and social support of population. Expenses to economy will make up 10.8% of all expenses and centralized investments – 5.1%.