With the support of the World Bank, Uzbekistan will continue t | Review.uz/en - Economic Review

With the support of the World Bank, Uzbekistan will continue to modernize its tax administration system

The project will be supported by a $60 million concessional credit from the International Development Association (IDA).

The International Development Association, a member of the #WB Group, provides these funds to the Government of Uzbekistan at a very low interest rate and in the form of soft loans for up to 30 years.

"In particular, the project will allow to broaden the tax base, leading to a reduction in the informal sector of the economy, which is estimated to be around 50% of GDP; to increase tax revenues; and to help firms and companies create new jobs, benefiting from a more efficient tax administration system”, said Marco Mantovanelli, World Bank Country Manager for Uzbekistan.

The project includes three key components:

Component 1 will invest in automating the STC’s core tax administration business processes.

Component 2 will assist with designing and implementing measures to reduce the informal sector of the economy.

Component 3 aims to strengthen the STC’s human resource and institutional capacities to attract, develop, and retain skilled and knowledgeable tax officials.

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