As the election day approaches, it's no secret that representatives of the electorate are paying more and more attention to the proposals put forward by political parties. In particular, the initiatives proposed by UzLiDeP in taking responsibility for the success of reforms are at the center of everyone’s attention.
The significance of a certain idea is well known to everyone based on impartial criteria related to how closely it affects people's daily lives.In this sense, the rational proposal related to exempting from income tax the monthly salary that is up to three times the minimum wage is precisely what many voters are seeking, and it is no exaggeration to say so..
Targeted support for population groups with relatively low incomes, in particular, exempting low-income individuals from income tax, plays a crucial role in social life. This means that income tax will not be applied to the part of citizens' salaries up to 3 465 thousand UZS. As a result, mandatory deductions decrease, providing over 400 thousand UZS more funds each month.
Indeed, increasing people's real incomes and their purchasing power, reducing the shadow economy's share, and increasing the number of people employed in the official sector align with UzLiDeP's goals. In this regard, tax exemptions determined by laws are of great significance.
Consideration of foreign experience in this direction is noteworthy. This experience is currently applied in Australia, Germany, Brazil, and other countries.
Increasing the "minimum" amount of income that is not subject to taxation for individuals helps to prevent social inequality, reduce poverty, and assist. In other words, a reasonable taxation system prevents low-income citizens from falling into the poverty category.
UzLiDeP's proposal is fully in line with the Republic of Uzbekistan's Constitution’s strict norm that “Taxes and fees must be fair and must not hinder the realization of citizens' constitutional rights,” which should not be forgotten.
