"Uzbekistan has seen a steady increase in its economy over the past few years. According to the World Bank, the country’s GDP grew by 5.2% in 2019, and is projected to grow by 5.5% in 2020. This growth is largely driven by the country’s strong agricultural sector, which accounts for around 25% of the country’s GDP. The country’s industrial sector is also growing, with the manufacturing sector growing by 8.2% in 2019. The country’s services sector is also growing, with a growth rate of 6.3% in 2019.
The country’s unemployment rate has also decreased in recent years, from 8.2% in 2017 to 6.7% in 2019. This is largely due to the government’s efforts to create jobs in the country, such as through the creation of the Uzbekistan Employment Program.
Inflation in Uzbekistan has also been relatively low, with an average inflation rate of 5.2% in 2019. This is largely due to the country’s strong fiscal policies, which have helped to keep inflation in check.
Overall, Uzbekistan’s economy has seen steady growth in recent years, and is projected to continue to grow in the coming years. The country’s strong agricultural sector, low unemployment rate, and low inflation rate are all positive signs for the country’s economic future."
In Uzbekistan, both individuals and corporations are subject to income tax. The tax system in Uzbekistan is administered by the State Tax Committee (STC).
For individuals, the income tax rate is progressive and ranges from 0% to 20%. The tax year in Uzbekistan is the calendar year, and tax returns are due by March 20 of the following year.
For corporations, the corporate income tax rate is a flat rate of 15%. Companies are also required to pay social security contributions, which are calculated based on the number of employees and their salaries. The tax year for corporations is the calendar year, and tax returns are due by March 20 of the following year.
In addition to income tax, there are other taxes and fees that may be applicable to both individuals and corporations, such as value-added tax (VAT), property tax, and excise taxes on certain goods.
Tax payments in Uzbekistan can be made through various methods, such as bank transfer, cash, or electronic payment. The deadline for tax payments is typically the same as the tax return due date, which is March 20 for both individuals and corporations.
Late payment of taxes can result in penalties and interest charges. In some cases, the STC may also impose fines or initiate legal proceedings against taxpayers who fail to comply with tax laws and regulations.
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