State budget for 2024 approved

The law "On the state budget of Uzbekistan for 2024" was signed by the president.

Correlation related to the formation and implementation of the consolidated budget of Uzbekistan for 2024 has been regulated.

The specified amounts of grants allocated to socially important national and state programs will be increased without amending the law.

In cases where the forecast of the budgets of the budget system of Uzbekistan at the end of 6 months of implementation has not been fulfilled and there are no sufficient grounds for their arrival by the end of the current fiscal year:

• reduction of expenses in the amount of 3% or more of the total expenses of the republican budget by the Oliy Majlis Chambers;
• cost reductions of less than 3% are made on the basis of the decision of the Cabinet of Ministers.

The limited net volume of state securities to be issued in the name of Uzbekistan was set at 25 trillion soums.

The limited amount of the deficit of the consolidated budget of Uzbekistan for 2024 was set at 4% of the gross domestic product.

According to the law, the following types of taxes are transferred to the budgets of districts and cities in full:

• property tax levied on individuals;
• land tax levied on individuals;
• income tax paid by individuals based on the declaration of annual income from the rental of property, as well as paid by private individuals;
• tax for the use of water resources, excluding the tax paid by power stations;
• land use tax on construction materials.

The law will enter into force on January 1, 2024.