October 23, 2014
Legislative Chamber adopts state budget for 2015
Legislative Chamber of Oliy Majlis of Uzbekistan adopted a state budget for 2015 at its session on 22 October 2014.
At the session, MPs considered the budget message for 2015, which includes state budget of Uzbekistan, budgets of the state target funds, as well as main directions of tax and budget policy for 2015.
It is expected that Uzbekistan’s gross domestic product (GDP) will gro2 by 8%, industrial output – 6.3%, agriculture production – 6% and capital investments – 9.6%.
According to the document, the base rate of income tax for legal entities is offered to fall from 8% to 7.5%. This will help businesses to save money, which can be used to strengthen technical base of the company and stimulate labour of employees.
In 2015, it is planned to cut interest rates on loans, issued to individuals to construction of individual houses on standard projects in rural areas, within the programme of construction of individual houses in rural areas from 7% to 6%.
The rate of single social payment for microfirms and small enterprises, as well as farms is offered to decrease from 25% to 15%. This will decrease tax burden to labour payment fund and the businesses will save 481.8 billion soums. (Currency rates of CB from 23.10.2014 1$= 2379.75 soums)
The rate of single tax payment for construction organization, belonging to microfirms and small enterprises, is planned to cut from 6% to 5%.
It is expected that social expenses of the state budget in 2015 will make up 12.8% of GDP or 59.2% of total expenses. This will grow by 1.2 times compared to 2014.
The expenses for education will be at the level of 7.3% to GDP, healthcare – 3.1%, social allowances, material assistance to low income families and compensation payments – 1.3% to GDP. The State budget envisages that expenses to science will increase 1.26 times year-on-year in 2015.
After the discussion, the Legislative Chamber of Oliy Majlis of Uzbekistan approved the state budget of Uzbekistan, budgets of the state target funds, as well as main directions of tax and budget policy for 2015. The corresponding resolution was adopted.
The delegation of the Republic of Korea visits Uzbekistan
On October 22, 2014, the Ministry of foreign affairs of the Republic of Uzbekistan held a meeting with the delegation of the Republic of Korea, headed by Ambassador for overseas Koreans and consular affairs of the foreign ministry Li John Kwang.
The sides discussed actual issues of the Uzbek-South Korean relations, and the implementation of important agreements reached by the results of the meetings and negotiations at the highest level in June this year in Tashkent.
Special attention was paid to the prospects of expansion of bilateral cultural and humanitarian ties.
The meeting was also attended by Ambassador of the Republic of Korea Lee Uk – Hyun.
Uzbekistan, Kazakhstan discuss cooperation within SCO
Ministry of Foreign Affairs of Uzbekistan hosted a meeting with the delegation of Kazakhstan led by National Coordinator on issues of activities of the Shanghai Cooperation Organization (SCO) and Ambassador-at-Large of the Ministry of Foreign Affairs of Kazakhstan Shahrrat Nurishev on 22 October.
In line with the programme of cooperation between Ministries of Foreign Affairs of Uzbekistan and Kazakhstan for 2012-2014, the sides discussed issues of cooperation within the SCO, preparation to upcoming events within the SCO organizations this year, including session of the SCO Prime Ministers, which will be held in Astana, Kazakhstan, in December 2014.
In Good Company
The International Air Transport Association (IATA) is planning the implementation of several projects in Uzbekistan in the near future. It will be partnered by Uzbekistan Airways NAC, which ranks among the top airlines in the CIS space.
For many years Uzbekistan Airways has been among the finest both in the region and in the CIS not only for ensuring a high level of service and passenger safety, but also in terms of training pilots and technical personnel, aircraft maintenance, including those from foreign carriers. A few days ago, this fact was confirmed by the leading experts of the International Air Transport Association. Officials held talks with Uzbekistan Airways representatives. IATA Vice President for Europe, Russia and CIS countries Rafael Schwartzman has underlined the experience of the Uzbek civil aviation and suggested that it be used to enhance flight safety.
In the short term, IATA intends to implement two initiatives in Uzbekistan. The first one envisages holding of a regional forum on air cargo transportation, Aviation Cargo Day Uzbekistan, next year. According to experts, the regional medium should afford a positive impulse to the development of freight transportation in Uzbekistan and promote the capacities of Uzbekistan Airways’ own cargo fleet. All the more so, the country is currently running a project to remodel two passenger Boeings in freight crafts. They will be used for international flights of logistics hub at the Navoi Airport.
In addition, it is projected to establish an IATA certified instruction center for training and advanced training in the structure of the NAC schooling center, which will significantly expand the range of areas of study.
Today, Uzbekistan Airways is involved in several major IATA programs that ensure prompt implementation of standard procedures of concluding agreements on mutual recognition of shipping documents by partner airlines, maintaining flight safety and passenger and cargo service standards, as well as introduction of modern technologies of selling and service operations.
The air enterprise Uzbekistan Airways Technics, a structural subdivision of Uzbekistan Airways, has launched maintenance and repair of Boeing crafts of the Russian VimAvia and the Kazakh SCAT, which is another confirmation of national airline’s competence.
(Source: «Uzbekistan Today» newspaper)
Exhibition of Equipment for Small Business
The Trade and Industry Chamber of Uzbekistan has organized an international exposition “Small Business Equipment and Products” in the Kurgazma Savdo Markazi (Exhibition and Trade Center) in Tashkent.
It was pointed out at the opening ceremony of the exhibition that small business, which provides for the abundance of goods in the market and shapes a competitive environment, facilitates the further acceleration of economic growth rates thanks to its vast potential. The 7 April 2014 decree of the head of our state on additional measures to further improve the investment climate and business environment in Uzbekistan serves as stimulus on this front for domestic entrepreneurs.
Held in our country, international expositions that reflect a wide range of development of business and designed to consolidate economic cooperation and to form a favorable investment climate acquire a critical significance in this. The opening of the exhibition in Tashkent “Small Business Equipment and Products” has been a clear confirmation to this trend.
Visitors’ keen interest was directed to the stands of domestic participants. Notably, a high appreciation went to samples of textile products of Uzbek manufacturers, as well as footwear made of natural materials.
Exponents from the People’s Republic of China took part in the exhibition in an extended format. More than 50 leading Chinese companies presented samples of equipment and products of food, furniture and textile industries, as well as construction materials, electrical appliances and other goods.
One of the active participants of the exposition has been the “Uzbek-Chinese Trade House” group of companies. It specializes by and large on providing services in search of information on technological equipment, organization and accompaniment of supplies of freight in our country, services in business tourism, along with logistics, consulting, leasing and others.
Of great interest has become the stand of the company Huangde that specializes in the production of cars, road lamps and other appliances working in solar energy. At the stands the visitors could observe solar panels, including those for phone recharging devices, as well as toys for children.
Roundtable discussions, presentations, master classes and business talks have been organized as part of the exhibition.
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