On December 20, 2018, President Shavkat Mirziyoyev chaired a video conference meeting on the full implementation of the new tax policy concept into practice.

A transparent and fair tax system is one of the most important conditions for economic development. However, the presence of many inaccuracies in the tax administration that was in effect up to now has hampered the development of business, entrepreneurship and investment. The high level of tax rates worked against bona fide taxpayers.

For example, business entities allotted 3.2 % of the volume of trade to the state trust funds, regardless of how much profit the company received. This tax burden amounted to at least 21 % of the company's income and hindered the production of competitive and export-oriented products.

To eliminate such problems, alleviate the tax burden and develop a market economy, the Concept for Improving the Tax Policy of the Republic of Uzbekistan was developed at the initiative of the head of state.

The concept adopted with the assistance of experts from the International Monetary Fund, the World Bank and other organizations based on the experience of developed countries provides extensive business opportunities and conditions that make its management as convenient as possible in accordance with international requirements.

Thus, starting from the coming year, the types of taxes are reduced from 19 to 15. The tax rate on corporate income is reduced from 14 to 12 %, and the tax on profits in the form of dividends and interest - from 10 to 5 %.

It is also important that henceforth tax rates will not change dramatically as it was before. Instead, they will become more predictable. This will allow investors to confidently plan long-term business projects.