Main Directions in Improving State Budget Policy Yarmatov Sharofiddin Choriyevich

Main Directions in Improving State Budget Policy

Yarmatov Sharofiddin Choriyevich

Lecturer of Termez State University, Economics and Tourism faculty, Department Economics and management

Ismatov Sharafiddin Asatulloyevich

Senior teacher of Termez, State University, Economics and Tourism faculty, Department Economics and management

Ortikov Shavkat Maxammadiyevich

Lecturer of Termez State University, Economics and Tourism faculty Department Economics and management
Annotation

This article gives a brief explanation about the main directions of state budget policy and the importance of their implementation. In particular, trends in budget revenues and expenditures over the years are analyzed on the basis of statistics. The tax processes that play an important role in the state budget policy are compared with the tax processes of developed countries. The positive effects of medium-term budget projects on the budget process have been studied in the country. There are also suggestions for the proper implementation and development of budget policy in general.

Keywords: Budget policy, process of tax, direct taxes, inderct taxes, budget revenues, budget expenditures, medium-term budget, gross domestic product.
Introduction

It is known that the state budget has been formed since the emergence of the state system in the development of society. At the formation stage, the state budget was seen as a source of funding that reflected the state's production relations. However, today, the state budget represents a large part of the gross domestic product, representing a large part of production relations, and distributes and redistributes to different segments of society. Paying special attention to the important role of budget processes in the socio-economic development of society, a number of effective measures are being taken in our country in this direction. In particular, it is no exaggeration to say that the adoption of the Action Strategy for the five priority areas of development of the Republic of Uzbekistan for 2017-2021, put forward by President Mirziyoyev, was the basis for the beginning of a new stage of social and economic development. The third priority of the action strategy is called “Economic Development and Liberalization Priorities”. Paragraph 3.5 of this direction provides for the implementation of measures for “comprehensive and balanced socio-economic development of regions, districts and cities, the effective and optimal use of their potential.”

In particular, the accelerated development of all regions of the country, with special emphasis on the reduction of disparities in the level of socio-economic development of regions through the accelerated development of districts and cities with relatively low levels of development, primarily through increasing industrial and export potential; focuses on expanding the revenue base of budgets [1]. The President's address, which reflects the most important tasks of the country's development in 2020, states: “Under the new tax policy, the tax burden on wages has been reduced by 1.5 times. As a result, the number of people employed in the formal sector increased by 500,000 during the year. The value-added tax rate was reduced from 20% to 15%. As a result, 2 trillion soums remained at the disposal of taxpayers last year. This figure is expected to reach 11 trillion soums this year. ” [2] The main reason for this emphasis is that the bulk of the budget is formed from taxes, and an increase in the number of taxpayers will certainly improve the state budget. Based on the above, the need to strengthen local finance in connection with the movement of financial and budgetary resources in the regions of the Republic of Uzbekistan, to improve the mechanism of rational management of regional financial resources in accordance with modern requirements, to solve regional economic problems through financial and budgetary mechanisms, and the study of financial capacity building is one of the most central issues today.