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Finance 04/01/2011 Uzbekistan sets new tax rates for individuals
Uzbekistan sets new tax rates for individuals
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan set new tax rates for income of individuals from 1 January 2011. The tax rates were set in line with the presidential resolution.

In order to decrease tax burden to income of population, increasing income of population and their purchase power, the minimum rate of income tax for individuals decreased from 11% to 10% from 1 January 2011. At the same time, interval on the first scale is set up to 5 minimum sizes of salary (earlier it was six minimum sizes of salary).

Average rate for income tax for individuals, used for income between 5 and 10 minimum sizes of salary, also reduced by 1 percentage point to 16%. Maximum rate of income tax for individuals was kept at the size of 22%.

At the same time, the tax payers will direct 1% from tax sum to their individual accumulative pension accounts.

The rate for property tax for individuals was set at the size of 0.7% from its inventory cost. Earlier, the rate of this tax was 0.5%.

At the same time, the government introduced increased rates for houses and flats with large areas. If individuals own house or apartment with the area from 200 to 500 square meters, they will pay tax at the rate of 0.9%. The tax rate increases up to 1.13% for flats and houses with the area of large than 500 square meters.

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