Info about allocation of capital’s budget in 2024 provided

The Tashkent city council of people’s deputies approved the 2024 budget of the capital by its decision of December 28, 2023.

The council meeting was not broadcast live.

Before the adoption of the budget, its draft was not even published for public discussion.

Officials predict that the gross regional product of Tashkent will grow by 7.1% in 2024, 7.3% in 2025, and 7.5% in 2026.

Income

Excluding districts, the income of the capital’s budget is forecasted in the amount of 8 trillion 77 billion soums. This indicator is 82% more than in 2022 (4.4 trillion soums), and 25.9% more than in 2023 (6.4 trillion soums).

Income tax from individuals is the largest part of the revenues of the budget of the city of Tashkent - 1.53 trillion soums.

The next largest sources of income are property tax of legal entities (1.25 trillion soums) and profit tax from legal entities (796 billion soums).

Also, land tax from legal entities – 713 billion soums, turnover tax - 712 billion soums, state duty – 606 billion soums, income from net profit of state organizations – 394 billion soums, excise tax on mobile communication services – 201 billion soums and tobacco products the excise tax to be collected is 90 billion soums.

In addition, transfers allocated from the republic budget to the local budget of Tashkent city are expected to be 514 billion soums.

Compared to the previous year, revenues from excise tax on mobile communication services are projected to increase by almost 2.5 times, revenues from net profits of state organizations by 2.4 times, and revenues from personal income tax by 2 times.

In turn, revenues from privatization are expected to decrease by more than 3 times, excise tax on tobacco products by more than 2 times, and turnover tax by 10%.

Yunusabad district has the largest revenue and expenditure forecast in terms of districts – 174.5 billion soums. The least is in Bektemir district – 67 billion soums.

Expense

The total expenses of the Tashkent city budget in 2024 are planned to be 8 trillion 77 billion soums.

A significant part of the total costs will be directed to compensation of losses resulting from the application of reduced tariffs for the heat supply service – 1.97 trillion soums. This is 22.8% more than the 2023 forecast (1.6 trillion soums) and 2.7 times more than the 2022 forecast (732 billion soums).

This year, 1 trillion soums will be allocated for subsidies for public transport services provided on the basis of a gross contract, and 576 billion soums (in 2023 – 142 billion soums) will be allocated for compensation of losses caused by limited tariffs in the metro.

In 2024, a total of 480.4 billion soums will be spent on repaying loans and debts from the capital’s budget. This is 27.2% more than last year. In particular, payments on foreign debt – 232 billion soums, funds for repayment of the loan of the Reconstruction and Development Fund – 235 billion soums, funds for compensation of foreign loans – 13 billion soums.

In turn, it is expected that 2.1 trillion soums will be allocated to the capital’s Health Department, 486 billion soums to the Department of Preschool and School Education, and 475 billion soums to the Development Department. Also, 143 billion soums will be spent on the repair and renewal of elevators in multi-story buildings.

This year, funds for “Open budget” projects have not been allocated from the capital budget. In 2023, it was planned to spend 286 billion soums.