The key facts

  • Main tax rates will not be raised in 2027 — stated Saida Mirziyoyeva, head of the Presidential Administration
  • Budget revenues — 416 trillion soums, expenditures — 464 trillion soums, fiscal deficit — up to 3% of GDP
  • Forecasts: GDP growth of 7% to $232 billion, inflation down to 6%, exports excluding gold — nearly $40 billion

What happened and what the head of the Presidential Administration said

On November 13, a meeting chaired by President Shavkat Mirziyoyev was held, dedicated to the parameters of the 2027 State Budget and new approaches to ensuring economic growth. The results were reported by the head of the Presidential Administration, Saida Mirziyoyeva, on her social media.

Taxes and spending priorities

According to her, the main taxes will not be raised next year. The emphasis is on supporting entrepreneurship, developing modern industry, and creating new jobs: 'By supporting our entrepreneurs, we are building a solid foundation for modern industry and new jobs. A strong economy is, first of all, the well-being of every family.' Most of the 2027 budget expenditures are again planned for children's education, quality healthcare, and the improvement of mahallas. A separate emphasis is on strengthening digital oversight and transparency of spending: 'every soum allocated must serve the interests of the people,' Mirziyoyeva noted.

Budget parameters and macro forecasts

The meeting presented the main macroeconomic forecasts for 2027: GDP may reach $232 billion with 7% growth, inflation is planned to be reduced to 6%, and exports excluding gold are to be increased to nearly $40 billion. State budget revenues are proposed at 416 trillion soums, expenditures at 464 trillion soums, with the overall fiscal deficit planned to be kept within 3% of GDP. According to the draft, almost 176 trillion soums will be allocated to education and healthcare. To increase revenues, the draft provides for expanding the tax base, reducing the shadow economy, and improving tax and customs administration using digital technologies and artificial intelligence. The president also instructed to pilot a digital system for fully tracking the spending of budget funds in the implementation of construction projects under the investment program.

What is important to understand

What has been announced is the outcome of discussions on budget parameters and plans, not an adopted law: this concerns the draft budget for 2027, and the final parameters are approved by a separate decision. The statement on refraining from raising the main taxes is combined with plans to increase revenues by expanding the tax base and reducing the shadow sector — that is, through coverage rather than rate increases. Specific tax rates were not provided in the published materials.