Impact of Tax Policy on Macroeconomic Indicators: an Empirical Analysis Based on the Experience of Uzbekistan

This article analyzes the impact of tax reforms implemented in the Republic of Uzbekistan between 2018 and 2024 on the country's macroeconomic stability. The study empirically examines the role of fundamental changes in fiscal policy—specifically the reduction of the VAT rate to 12% and the digitalization of tax administration—as key drivers of economic growth.Key Findings:Economic Growth: During the reform period, the average annual GDP growth rate remained robust, ranging between 5.5% and 7.7%.Investment Attractiveness: Due to the reduction in the tax burden, Foreign Direct Investment (FDI) inflows increased 4.5 times, rising from $1.6 billion to $7.2 billion.Fiscal Efficiency: Inflation exhibited a downward trend, decreasing from 12.2% to 9.8%.Conclusion: The findings demonstrate that optimizing the tax burden and modernizing tax administration are crucial for enhancing the investment climate and balancing the foreign trade turnover.