Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan plans to keep its main tax rates unchanged in 2027, while increasing budget revenue by expanding the tax base, reducing the shadow economy and improving tax administration, the presidential press service reported.
President Shavkat Mirziyoyev discussed the plans at a meeting on 13 November focused on state budget targets, macroeconomic forecasts and fiscal policy priorities for 2027.
Officials said maintaining current tax rates would require additional sources of budget revenue. Measures will include stimulating economic activity, broadening the tax base and reducing the informal economy.
The government also plans to increase revenue by improving tax and customs administration, including through the wider use of digital solutions and artificial intelligence.
The meeting also addressed the need to create favourable and transparent conditions for businesses. Mirziyoyev stressed the importance of using budget funds more efficiently and cutting ineffective spending.
According to the projections presented at the meeting, state budget revenue in 2027 is expected to reach 416 trillion soums, while expenditure is projected at 464 trillion soums. The draft budget is based on an economic growth forecast of 7%.
The government aims to keep inflation at no more than 6% in 2027 and limit the overall fiscal deficit to 3% of GDP.
The economy is expected to grow by at least 8% in 2026. GDP is projected to exceed US$200 billion, with per capita income reaching US$5,200.
For 2027, GDP is forecast to reach US$232 billion. Exports excluding gold are expected to rise to nearly US$40 billion.
The government has set a longer-term target of increasing GDP to US$300 billion by 2030. It also aims to raise per capita income to US$10,000 over the next decade.
Mirziyoyev said annual economic growth of at least 7% would be necessary to ensure sustainable funding for social commitments. This is expected to be achieved by using existing reserves and introducing new technological drivers.
Industrial policy and investment priorities
The priorities for 2027 include moving to a new economic growth model, increasing added value across industries, improving labour productivity and expanding export capacity.
The new model is expected to be based on modern industrial policy, including higher-value production, the introduction of advanced technologies and the integration of domestic companies into international production chains.
The government is preparing accelerated development strategies for the chemical and petrochemical industries, mechanical engineering, electrical engineering, textiles and pharmaceuticals.
At least two or three major international investors are expected to be attracted to each promising sector in 2027. Plans also include establishing modern industrial zones, increasing local production and strengthening companies' technological capabilities.
Semiconductor technologies, robotics, biotechnology, high-tech components and batteries for electric vehicles were identified as additional areas for development.
Attracting foreign investment remains another priority. Officials have been instructed to prepare sectoral and regional plans to secure US$65 billion in foreign investment in 2027.
Structural reforms will also continue. These include transforming state-owned enterprises and banks, accelerating privatisation, upgrading energy and transport infrastructure, developing human capital and completing Uzbekistan's accession process to the World Trade Organization.
Focus on public spending and social sectors
The meeting placed particular emphasis on the effectiveness of public expenditure. Mirziyoyev said every soum of budget funding should deliver a tangible result.
The government plans to cut inefficient spending, improve the effectiveness of public investment and subsidies, and strengthen budget discipline.
A digital system to monitor budget spending on construction projects under the investment programme is to be introduced on a pilot basis.
Around 176 trillion soums has been earmarked for reforms in education and healthcare in 2027. Of this amount, 114.3 trillion soums is planned for education, an increase of 14 trillion soums from the previous year.
Healthcare spending is projected at 61.4 trillion soums, up by 12 trillion soums year-on-year.
A further 70 trillion soums is allocated for developing infrastructure in regions and mahallas, increasing employment and household incomes, developing human capital and strengthening social protection.
To support economic growth, the government also plans to increase private-sector participation in the banking system, expand credit resources and make greater use of public-private partnership mechanisms.
Cooperation with international financial institutions is also expected to expand.
The 2027 state budget draft and measures for its implementation will be discussed by local councils before being submitted to the Legislative Chamber of the Oliy Majlis for consideration.
