The revenue part of the country’s budget for the first three months of this year has been overfulfilled by 4.5 percent, according to the Ministry of Finance (MoF).
A source at a MoF says the budget’s revenue part for the first quarter of this year has stood at more than 7.1 billion somonis (equivalent to 570 million U.S. dollars) instead of the originally planned 6.79 billion somonis (equivalent to 545 million U.S. dollars).
The overfulfillment of the budget’s revenues is explained by increase in tax proceedings to the budget. Over the reporting period, tax proceedings to the budget have accounted for more than 72 percent of the overall volume of the budget’s revenues.
In 2021, tax proceedings accounted for 68 percent of the overall volume of the budget’s revenues.
Over the first two months of this year alone, tax proceedings to the budget increased by 18.1 percent or 507 million somonis compared to the same period last year.
In January-February this year, tax proceedings have amounted to more than 3.3 billion somonis, which 3.4 percent more than update target for this period, the source added
The increase in tax proceedings to the budget is reportedly explained by the increase in basic taxes such as value added tax (VAT), excise duty and profit tax (former income tax and tax on proceeds).
Recall, the 2022 budget’s revenue part is projected to stand at 33 billion somonis, which is 5.3 billion somonis more (19.4 percent increase) compared to the revenue part of the budget for 2021.
The expenditure part of the 2022 budget is projected to sand at 33.6 billion somonis, which is 600 million somonis more than the approved expenditures of the country’s budget for 2021, the minister noted
The budget reportedly indicators reflect the economic and social development of the country. Social spending will account for 43.8% of budget allocations, with nearly 15 percent earmarked for public education alone.
Tax and non-tax receipts are reportedly expected to stand at 21.9 billion somonis 18.8 billion somonis, which is about 70 percent of the overall volume of the revenues, receipts from special funds of federally funded institutions – 2.5 billion somonis, receipts from national investment projects – 7.9 billion somonis, and receipts from attraction of budget support grants – 665 million somonis.
In 2022, 6.3 billion somonis is expected to be spent on the education sector (592 million somonis more compared to this year’s budget).
The budget earmarks 2.3 billion somonis for the health sector.
The budget projects expenditure of 2.9 billion somonis in the public health sphere.
1.2 billion somonis are expected to be spent on the sports and culture sector
The budget earmarks 4.3 billion somonis for the social insurance and social protection.
