Tajikistan’s Budget Revenues Exceeded the Target by 310 Million Somoni

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Tajikistan’s revenue budget in the first quarter of 2022 exceeded the plan laid down in the Law On the State Budget for 2022 by 4.5% or 310 million somoni (approximately $25 million). The total amount of the country’s state budget for the first three months of this year amounted to more than 7.1 billion somoni ($570 million).

Such indicators are explained by the high growth of tax revenues, the share of which in the revenue side exceeded 72%. Only in the first two months of this year, the total amount of tax deductions of citizens increased by 18.1% (507 million somoni) compared to the same period in 2021. The contribution of the received grants and loans turned out to be considerable.

According to the Law On the State Budget, this year funding increased in almost all areas, except for the provision of state apparatus funds. In percentage terms, growth in health care, fuel, energy complex, and agriculture stands out.

Also, large investments will be made in such areas as education, social protection, and the fuel and energy complex.

From January 1, 2022, the new Tax Code came into force, indicating lighter rates for certain taxes. Thus, the standard VAT rate, which is more than 40% of tax revenues of the budget, decreased from 18% to 15%.

The government expects to increase the country’s budget revenues by 19.4% in 2022.

The revenue part of the budget was approved in the amount of 33 billion somoni ($2.5 billion), which is equal to 31.7% of the country’s gross domestic product. This is by more than 5.3 billion somoni or 19.4% compared to 2021.

Source: National information agency of Tajikistan