Revenues of Tajikistan’s budget for January were overfulfilled 230 million somonis (equivalent to US$22.3 million), according to the Ministry of Finance.
An official source at a MoF says the revenue part of the country’s budget for the first month of this year stood at more than 3.2 billion somonis (equivalent to US$311 million), which is 7.7 percent more than the budget’s revised target.
In January 2021, the budget’s revenue part stood at some 2.12 billion somonis, which is 7.1 percent more than it was originally planned (1.97 billion somonis).
“Overfulfillment of the target for January this year has resulted from, first of all, growing tax receipts to the budget, in particular through increase in receipts from tax on income (former income tax + profit income), value added tax (VAT) and excise tax,” the source added.
Recall, the new Tax Code that came into force on January 1 last year provides for a reduction in the standard VAT rate. The VAT rate is reduced from 18% to 15% effective 1 January 2022, with further reductions scheduled to 14% from 2024 and to 13% from 2027.
Experts note that reduction of the tax burden stimulates an increase in tax revenues due to the withdrawal by business of their income from the shadow.
