Taxes in Uzbekistan will not change in 2026

In the draft state budget of Uzbekistan for 2026, all current tax rates will be maintained. President Shavkat Mirziyoyev instructed to increase the efficiency of budget fund utilization and strengthen expenditure control. These issues were discussed at an expanded meeting chaired by the President on October 27. The results of the economic development over the past nine months were analyzed, and the main directions for 2026 were determined. The President emphasized that in 2024, the main focus should be on reducing expenditures, developing the private sector, and combating the shadow economy. He also gave instructions to regulate the dividend policy of state-owned companies, review inefficient subsidies and benefits, and increase local budget revenues. The head of state noted the need to accelerate the implementation of international projects and to finance new projects only after the completion of current ones. More than half of the ministries' extra-budgetary funds will be directed to a special fund for school construction and healthcare development. From January to September 2023, Uzbekistan's economy grew by 7.6%, exceeding forecasts. Industrial production increased by 6.8%, construction by 14.2%, services by 14%, and agriculture by 4.1%. The country's gold and foreign exchange reserves increased by 35% and reached $55 billion. International agencies such as Fitch Ratings, Moody’s, and S&P Global gave positive assessments of Uzbekistan’s economy. Citizens' incomes increased by 18.4%, deposits by 35.3%, and the average salary by 19.2%. By the end of the year, it is planned to maintain high economic growth rates and increase the gross domestic product to $135 billion, and to $150 billion by 2026. The economic growth rate is forecasted to be at 6.6%, and inflation is expected not to exceed 7%. Read “Zamin” on Telegram!