Shukhrat Isamuhamedovich Musalimov
PhD, researcher of Tashkent Institute of Finance, Tashkent, Uzbekistan
Email: shuhrat_m1978@mail.ru
ORCID: 0000-0001-8035-0681
Abstract. This article analyzes the economic importance of property tax in the formation of state budget revenues and the dynamics of changes in the structure of budget revenues in the following years. Also, in the following years, the property tax calculation and collection of legal entities and individuals and the reforms implemented were studied. Scientific proposals and practical recommendations aimed at increasing state budget revenues and improving the property tax calculation procedure are given. At the present moment, the presence of an effective and understandable mechanism for taxing real estate of individuals in the Republic of Uzbekistan is one of the signs of an effective tax system of the state. The peculiarity of property owned by an individual, as an object of taxation, is that the property of a citizen of the Republic of Uzbekistan is one of the real indicators of his financial solvency, and, consequently, tax solvency: the higher the income level, the greater part of it is spent on “property improvement”. The existing tax on the property of individuals in our country was introduced in the early 90s, but the proceeds from this tax during this time sometimes did not even justify the costs of its administration.Taxation of real estate at market value allows such a tax to become one of the main sources of income for local budgets. Under these conditions, the prospect of obtaining significant revenues to the budgets through real estate taxation is an incentive for local governments to create the necessary information base, and for public authorities – to develop methodological approaches based on common criteria and a commensurate system of indicators for evaluating various types and types of real estate. The transparency of the real estate valuation mechanism for tax purposes will also contribute to the development of the real estate market itself.
Key words: state budget, income, property tax, tax rate, calculation procedure, economic development, strategy, tax administration.