Tashkent, Uzbekistan (UzDaily.com) -- According to preliminary data from the Ministry of Economy and Finance of Uzbekistan, in February of this year, taxpayers for the first time submitted tax returns for VAT at a rate of 12 percent to the tax authorities.

In January, reports were submitted for December 2022, when the rate of 15 percent was in force, while the customs authorities apply the VAT rate of 12 percent from 1 January 2023.

The decrease in the VAT rate from 15 to 12 percent, as expected, had an impact on both budget revenues and the amount of reimbursement of the “negative balance” from the budget. Thus, VAT receipts in February 2023 totaled 5.8 trillion soums, or increased by 6.6% compared to the same period of last year.

In February this year, the tax authorities provided revenues in the amount of 2.8 trillion soums (10% more than February 2022), and compared to January 2023, the decrease amounted to 550 billion soums or 16% (with a decrease in the rate by 20 percent).

In February this year, the customs authorities collected VAT in the amount of 3 trillion soums, or 3.7% more than February 2022.

In January of this year, VAT receipts, taking into account the reduction in the rate, amounted to 3.1 trillion soums. It should be noted that in November 2022, VAT revenues amounted to 3.4 trillion soums, and in February they decreased by 12% (with a decrease in the rate by 20 percent).

In January 2023, 1.2 trillion soums were returned to business entities to cover the negative difference on VAT, and in February this amount amounted to 1.6 trillion soums.

The increase in the negative balance is due to the fact that VAT was accepted as offset at a rate of 15 percent, and accrual was carried out at a rate of 12 percent.

It should be noted that tax revenues were influenced by the adoption of the resolution of the President of the Republic of Uzbekistan from 3 February 2023 No. PP-43 “On measures to support business entities to reduce the negative impact on the economy of a sharp drop in air temperature”, aimed at supporting and accelerating the recovery of business entities faced with difficulties due to a sharp drop in air temperature.

In particular:

a) taxpayers are allowed to pay tax debts that have increased (formed) as of 1 February in relation to 1 January 2023, in installments in equal installments from 1 March to 1 July 2023 without accruing interest, setting additional conditions and requiring security.

In this direction (as of 1 March 2023), the tax authorities granted a deferment in the amount of more than 330 billion soums;

b) suspended until 1 April 2023:

accrual of interest on tax arrears.

the application of penalties in the amount of 1.7 trillion soums to business entities for overdue receivables on foreign trade operations, as well as the collection of penalties;

enforcement of judicial acts and acts of other bodies related to recovery in favor of the state in relation to business entities that have encountered difficulties due to a sharp drop in air temperature.

In general, the revenues of the State budget in February this year amounted to 16.1 trillion soums and increased by 2.4 trillion soums compared to the same period of last year (17.7%, and from January of this year - by 1.2 trillion soums or by 8.2%).

In February, the revenues of the State budget in terms of revenues administered by the tax authorities were formed in the amount of 13.4 trillion soums (relative to January, they increased by 1.5 trillion soums (12.5%), and compared to the same period in 2022 - by 1 .9 trillion soums (16.4%)).

Revenues from customs authorities amounted to 3.8 trillion soums (relative to January, they increased by 64 billion soums (1.7%), and compared to the same period in 2022 - by 519 billion soums (15.7%).

Direct tax revenues in February this year amounted to 6.4 trillion soums, and increased by 2 trillion soums (46.1%) compared to the previous month, and by 1 trillion soums (19.2%) compared to the same period in 2022. %).

Income tax revenues in February this year amounted to 3.9 trillion soums, and increased by 1.5 trillion soums (61.4%) compared to the previous month, and by 0.5 trillion soums compared to the same period in 2022 soums (14.8%).

The bulk of income tax revenue comes from NGMK and AGMK (in February 2023 - 47.3%, and in February 2022 - 49.7%).

It should be noted that the growth of economic activity of business entities that do not belong to the category of large taxpayers continues.

Thus, the growth in receipts from them in February of this year increased by almost 2 times compared to the previous month, and by 1.4 times compared to the same period in 2022.

The increase in income tax revenue in February of this year compared to January is due to the deadline for submitting annual tax returns and paying the final amount of income tax (the deadline for paying taxes for 2022 is 1 March 2023).