Uzbekistan to keep tax rates unchanged in 2027 with budget spending of 464 trillion soum

The main tax rates in Uzbekistan will remain unchanged in 2027, while budget revenues are to be increased through expanding the tax base, shrinking the shadow economy and improving tax administration. This was reported by the presidential press service following a meeting on 13 November devoted to state budget targets, macroeconomic forecasts and fiscal policy priorities for 2027.

The meeting was chaired by President Shavkat Mirziyoyev. According to the calculations, state budget revenues in 2027 will amount to 416 trillion soum, expenditures to 464 trillion soum. The draft budget is built on a forecast of 7% economic growth. Inflation is to be held at no higher than 6%, and the overall fiscal deficit within 3% of GDP.

In 2026, economic growth is expected at no less than 8%, GDP will exceed 200 billion dollars, and per capita income will reach 5.2 thousand dollars. For 2027, GDP is forecast at 232 billion dollars, with exports excluding gold at almost 40 billion dollars. The long-term goal is 300 billion dollars of GDP by 2030 and 10 thousand dollars of per capita income over the next decade. Mirziyoyev said that annual growth of at least 7% is needed to sustainably finance social obligations.

The priorities for 2027 are a transition to a new growth model, higher value added, and growth in labour productivity and export capacity. Accelerated development strategies are being prepared for the chemical and petrochemical industry, mechanical engineering, electrical engineering, textiles and pharmaceuticals. In each promising sector, the aim is to attract at least two or three major international investors. Separate areas include semiconductor technology, robotics, biotechnology, high-tech components and batteries for electric vehicles. A target has been set to attract 65 billion dollars of foreign investment in 2027.

About 176 trillion soum is earmarked for reforms in education and healthcare in 2027: 114.3 trillion for education (up 14 trillion on the previous year) and 61.4 trillion for healthcare (up 12 trillion). A further 70 trillion soum will go to infrastructure in the regions and mahallas, employment and household incomes, human capital and social protection.

Mirziyoyev stressed that every soum of budget funds must produce a tangible result; inefficient spending will be cut. A digital system for monitoring budget spending on construction projects of the investment programme will be introduced on a pilot basis. The transformation of state enterprises and banks will continue, along with an acceleration of privatisation and the completion of Uzbekistan's accession process to the WTO. The draft budget will be discussed by local councils and will then go to the Legislative Chamber of the Oliy Majlis.