State budget law aimed at progressive economic development

The law consists of 17 articles and 10 annexes reflecting the main economic indicators for the current year. In particular, the gross domestic product of our country is expected to grow by 6 percent in 2025.

The consolidated budget was approved with a deficit of 3 percent to GDP, with its revenues planned at 431 trillion soums and expenditures at 480.5 trillion soums.

The balance of the State budget and budgets of state trust funds was formed with a deficit of 2 percent to GDP. At the same time, the State Budget revenues were determined in the amount of 308.5 trillion soums, and expenditures - including transfers to state trust funds - in the amount of 344.8 trillion soums.

For 2025, the forecast is accounted for, whereby the budget revenues of the Republic of Karakalpakstan, as well as local budgets of regions and Tashkent city will amount to 65.8 trillion soums, and expenditures - 84.3 trillion soums. The transfer of 18.5 trillion soums of inter-budget transfers from the republican budget to local budgets is also envisaged.

According to the law, the social orientation of budget expenditures will also be preserved this year. It is expected that 52 percent of the total volume of the State budget will be directed to activities in the fields of education, health care, social protection, as well as development of science, culture, sports and provision of low-income citizens with housing.

To increase the revenues of local budgets and expand their independence, the following types of taxes were additionally assigned to the budgets of districts and cities:
- turnover tax, as well as land tax and corporate property tax in full (except for taxes paid by large taxpayers);
- no less than 50 percent of revenues from personal income tax (except for taxes paid by large taxpayers);
- 50 percent of revenues from privatization of state property credited to local budgets.

In addition, local councils of districts and cities were granted the authority to apply coefficients to certain types of taxes.

In general, this year's State budget will be aimed at the progressive development of the economy, targeted solution of social issues and improving the welfare of the population.