Corporate income taxes decrease while personal income taxes increase

Tax on corporate income decreased by 0.5% – from 8% to 7.5%. The rate for service providing businesses for services accepting debit cards reduced by 5%. Government encourages using plastic cards instead of cash.

At the same time, the tax on personal income taxation in the lower bracket (up to five times of the minimum wage) increased from 7.5% to 8.5% of the total income. Income below minimum wage is not taxed.

Also, the rate of mandatory insurance contributions of citizens to the Pension Fund under the Ministry of Finance increased by 0.5% – from 6.5% to 7% of their income in the form of wages.

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More details and sources

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About Ahmed Islamov

I was born and raised in Uzbekistan and lived in that country for about two thirds of my life. I left the country about 14 years ago but sustained tight bonds with my family and friends living there. I know and communicate personally with hundreds of people including blue-, white- or pink-collar workers. I am naturally very attached to and concerned with everything that is going on there.
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