Prospects for increasing local budgets' revenues based on the social and economic development of the region

Аннотация

This article explores the potential benefits and opportunities associated with increasing local budget revenues by focusing on the socioeconomic development of a particular region. The aim is to highlight the positive impact of socio-economic initiatives on the financial well-being of local governments. Keywords: Local budget, financing, taxes and taxation, income and expenses, grant, subsidy. governments in attracting funds to higher budgets and Introduction: Local budget revenues are directly increasing the efficiency of social production in the related to the tasks assigned to local governments, regions. Indirect taxes include excise from the their ability to collect local taxes and revenues, the distributed income of local budgets. All other taxes are ability of higher government bodies to provide financial included in the category of own taxes. Local budgets of assistance to regions, the level of economic the Republic of Uzbekistan occupy an important place development of regions, and the financial and in direct taxes. budgetary situation. policy pursued by the state. Direct taxes occupy an important place in the local We know that state taxes will be distributed between budgets of Western European countries, their share in the relevant local budgets in the next budget year in the the distributed income is 70-75%, indirect taxes - 3-4%, manner legally established by the Oliy Majlis of the other taxes and income - 20-25%. In Japan, direct taxes Republic of Uzbekistan. Deductions from state taxes make up 85%, and indirect taxes - 15%. As we can see, are determined as a percentage of the amount of these the weight of indirect taxes from the income of local taxes collected in the regions. However, these budgets in different countries is different. Excise tax is percentages are determined for the approved year a net income of the state and is levied to the state each year during the preparation and approval of budget upon the sale of excisable goods. Excise tax is budget projects. Local budget revenues consist mainly applied to valuable goods and products, and the main of established revenues, fees, and state tax deductions. task of excise tax is to ensure the revenue side of the When regulating local budgets, the state widely uses state budget. The main purpose of transferring excise deductions from state taxes as a percentage as taxes to local budgets is to strengthen the revenue base regulating revenues, as well as funds given to a higher of local budgets. Fixed taxes received by local budgets budget through subsidies. During the transition of are divided into taxes on profit, income and resources. Uzbekistan to a market economy, the deepening of The ratio of local budgets to fixed income of different privatization and the development of democratic types of direct taxes varies in different countries. In processes will lead to an increase in the weight of local Scandinavian countries, accrued profit, income from budgets in the state budget. Therefore, it is necessary income tax make up 80-90% of the total amount of to improve the distribution of state taxes between accrued taxes. In Belgium, Germany and Austria, the budgets of different levels. In this case, it would be same figure is more than 50 percent. In Ireland, appropriate to pay attention to the fact that the role of property taxes are the only fixed taxes. In the deductions from state taxes is not only to ensure the Netherlands, property taxes make up 2/3 of all taxes. In income of local budgets, but also to the interest of local American Journal Of Social Sciences And Humanity Research 35 https://theusajournals.com/index.php/ajsshr American Journal Of Social Sciences And Humanity Research (ISSN: 2771-2141) Japan, 48% of tax revenues transferred to local budgets from the sectoral level to the regional level is a come from housing tax, and 21% from property tax. An legitimate step in the formation of a market economy analysis of revenues sent to local budgets of the and is expressed in the decentralization of the decision- Republic of Uzbekistan shows that their share is making process, which is natural for the business increasing based on the approved budget. The goal of environment. the state is to increase the revenues of local budgets of The reforms carried out in the country show that the local governments. process of making management decisions should be Exceeding the forecast of revenues of the republican gradually transferred from the highest level to the budget of the Republic of Uzbekistan, the republican regional and regional levels, and then the self- budget of the Republic of Karakalpakstan, regional government of non-governmental bodies of civil budgets of regions, the city budget of the city of society (entrepreneurs, producers, consumers Tashkent, budgets of districts and cities is defined as expressed the logic of transferring to competent the amount exceeding a certain forecast of revenues authorities). for payments in the manner