Sunday, 26, May, 2024

At the government meeting today, the president Shavkat Mirziyoyev identified priorities for the economy of Uzbekistan for 2024, his spokesman Sherzod Asadov said.


"This year we will be seeking the GDP growth of at least 6% (international organizations expect growth at abount 5.5%) - up to $100 billion."

"The industry grew by 6%, but added value in production did not surpass 40%."

“We are not happy with these figures. This is mainly due to import dependence, high energy consumption and excessive costs”.

“Despite the reduction in the tax burden on large industrial sectors, many of them are increasing their costs instead of generating income for the state. In particular, expenses grew faster than income at 10 large enterprises.”

“The year 2024 will be a year of efficiency and cost reduction for managers of the economic complex and all state-owned enterprises”.

“From now on, support mechanisms in industry will be provided primarily to products that create high added value and have a end-consumer”.

“Through harshening financial discipline we must achieve that the budget deficit should not be surpassing 4 percent in 2024.

“Last year, many state-owned enterprises could not provide 8 trillion soums to the budget in terms of dividends and tax payments.”

“Governors of provinces are warned that strict measures would be taken in case of non-return of provided budget loans.”

“In Syrdarya and Jizzakh, tax revenues increased by 20 percent, while in Khorezm, Bukhara, and Kashkadarya, this figure is not even 7 percent.”

“For example, only 2,300 out of 18,000 restaurants with legal entity status are VAT payers. The reason is that they opened 3-4 companies in one kitchen so that the turnover of goods does not reach 1 billion soums.”

“The most urgent issue today is the shadow economy. Analyses show that tens of trillions of soum worth of products remain in the "shadow" in the services, construction, and industrial sectors.”

“As a result, 135 trillion soums are lost to the gross domestic product and 30 trillion soums to the budget.”

“For example, 41 percent of construction enterprises indicated only 1 employee in their report. However, these enterprises completed construction work worth 4 trillion soums last year.”

“Or in 5 thousand fruit and vegetable farms with at least 25 hectares of land, 1 official worker is registered.”

"It is necessary to clearly understand one thing. First of all, the shadow economy is a big obstacle for businesses who are working properly. Today, disciplined businessmen often voice their rightful objections about "where is the fair competition".

“It is big time has come to fundamentally revise the tax system and the activities of tax collectors.”

“In particular, the task of working with 40,000 budget-financed organizations will be transferred from the district to the newly established Inspectorate of Budget-Financed Organizations in the Tax Committee. This Inspectorate will be fully digitized and integrated into the electronic system of the Treasury.”

“A Tax Debt Collection Inspectorate will be set up under the committee for dealing with similar tax debts. He will be given the same powers as the Bureau of Enforcement.”

“There will be a separate system that will work with 80 largest enterprises and 35 commercial banks, which will provide 50 percent of the country’ tax revenue.”

“A new structure was established to this end within the Inspectorate for Large Taxpayers, which works directly with the Ministry of Economy and Finance.”

“The Department of Combating Economic Crimes under the General Prosecutor's Office will be provided with the most modern information systems, special tools, dedicated and patriotic specialists with excellent knowledge of economic fields and foreign languages will be selected.”

"Scientific-analytical and educational center will be opened at the department. The center identifies the factors that cause the underground economy, develops proposals based on advanced foreign experience, trains system employees on identifying economic crimes and combating the shadow economy."

“The largest reserve of budget revenue is the sale of land to business entities through auction. Last year, 1 trillion soums were made thorugh this, 12 thousand new projects were created. However, due to slowness on the ground last year, the budget was short of 3 trillion soums in additional revenue, it was said at the meeting.”

“Prime Minister Abdulla Aripov to decide whether the mayors of Bektemir, Mirabad, Almazar, Chilanzar, Yunusabad and Yakkasaray districts of Tashkent and Balykchi and Jalalkuduk districts of Andijan province, who did not put up land for auction at all during the year, are fit for their positions.

“The Agency for State Asset Management is tasked with developing and ensuring the implementation of a plan for the sale of land at auction for 4 trillion soums.”

“If a district has a master plan, it will be a huge source of funds, entrepreneurs and jobs, but so far only 17 small settlements have master plans”.

“The Deputy Prime Minister Jamshid Kuchkarov is instructed to develop master plans for 70 districts by the end of the year, and in 2025 for all districts of the country.”

“While, a separate department for the underground economy and its regional departments will be established in the General Prosecutor's Office.”

“The department was instructed to make a drastic change in 5 important areas: construction, pharmaceuticals, alcohol and tobacco, illegal imports, cashing and illegal export of capital.”

“For example, only 10 of the 43 enterprises which are part of "Donmahsulot" were sold. Some of them have been unsold for 2-3 years. The reason for this is that the price was artificially inflated in order not to give them away to the private sector.”

“484 state-owned assets included in the privatization program are not being put up for sale. However, another 200 billion soums could be received from these.”

“The Cabinet of Ministers was instructed to introduce a new privatization program, which will provide 20 trillion soums of revenue in 2024, eliminating the arrears.”

“Currently, 14 agencies are engaged in the fight against the shadow economy and economic crimes. There is no integrated work system to coordinate their activities.”

“Therefore, the fight against the shadow economy will be upgraded to a new level.”

“For this purpose, the duties of the Department for Combating Economic Crimes under the General Prosecutor's Office will be upgraded.”

“Until now the Department has not been able to work effectively due to the lack of investigative powers and the existence of many legal conflicts in the laws.”

“With this in mind, the Department will become an office of deep analysis, rapid search, inspection and investigation itself.”

Latest in Economy