A Tax Debt Recovery Inspection will be organized

A tax debt collection examination will be coordinated by the Tax Committee, as declared during a video selector meeting led by President Shavkat Mirziyoyev. The focus is on prioritizing macroeconomic stability and economic development in 2024.

The current year is designated for reducing costs and enhancing efficiency across the economic complex and state enterprises. Support in the industry will now favor products with high added value and market viability.

Officials were instructed at the meeting to endorse and implement company-wide measures, aiming for a 45% increase in added value, a 15% cost reduction, and a 7% industry growth in 2024. Large industries are urged to cut costs by 20 trillion soums and reduce receivables by 8 trillion soums.

The Center for Economic Research and Reforms, the Institute of Macroeconomic and Regional Studies, and the Agency for Strategic Reforms are assigned to analyze a minimum of 2 industries monthly, focusing on cost reduction, increased added value, and labor productivity.

The overarching goal for the economic complex management is to achieve at least a 6% growth in gross domestic product through enhanced efficiency in the economy this year.

The meeting stressed the importance of maintaining a budget deficit below 4% in 2024 by reinforcing financial discipline.

Last year highlighted instances where state-owned enterprises failed to contribute 8 trillion soums in revenue to the budget. Strict measures were taken against regional heads who did not repay allocated budget loans.

Videoselector criticism revealed a significant disparity in tax revenue increases between regions. In some areas, the slow performance of local tax collectors, district tax chiefs, and deputies necessitates a fundamental revision of the tax system and their activities.

A new Inspection of Budget Organizations within the Tax Committee will handle the task of working with 40,000 budget organizations, aiming to fully digitize and integrate into the Treasury's electronic system.

A Tax Debt Recovery Inspection, empowered similarly to the Bureau of Enforcement, will deal specifically with tax debts. This restructuring allows for the reallocation of 200 district tax collectors to a more localized "neighborhood" system. Another system will focus on the 80 largest enterprises and 35 commercial banks, contributing 50% of the republic's tax revenue, with a dedicated structure within the Inspectorate for Large Taxpayers working directly with the Ministry of Economy and Finance.