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Tuesday, February 25th, 2020

LAST YEAR BECAME FOR KAZAKHSTAN’S TREASURY PROFITABLE AS STATE BUDGET GREW BY 15.5%

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by January 14, 2020 General

11 months of 2019 saw revenues totaling 11.5 trillion tenge were collected in the state budget, 15.5% more than in the corresponding period a year earlier (10 trillion tenge), while the amount of revenue without transfers amounted to 8.5 trillion tenge, an increase of 15.3% within the year, Finprom.kz reports.

According to the report, state budget revenues were over-executed 101.3% of the plan, the national 100.3%, local budgets 104.1%, with the national budget’s net revenues amounting to 6.2 trillion tenge.

The increase in revenues was provided by the growth of tax revenues by 14.7% per year up to 8.2 trillion tenge (a year earlier 7.1 trillion tenge). According to the Ministry of Finance, the growth rate of tax revenues was mainly provided by the following taxes: VAT on goods for domestic consumption, corporate income tax and taxes on international trade and foreign operations.

The increase in tax revenues, along with the improvement of tax and customs administration, was also due to the increase in the production of goods and services in January October 2019 compared with the same period a year earlier in the following sectors of the economy: construction 112.7% compared to 2018, trade 107.5%, transport 105.6%, communications 104.5% and industry 103.5%.

In addition, the increase in export customs tariff revenues from crude oil was caused by an increase in the export customs tariff rate by $5 (when updating the national budget plan, the rate at $55 was set, but for 11 months of 2019 it amounted to $60).

Non-tax revenues and proceeds from the sale of fixed capital amounted to 254.8 billion and 96.4 billion tenge, respectively. Meanwhile, transfer receipts in January November of the current year increased by 16.2% per year and amounted to 3 trillion tenge. For the same period of the last year, the receipts of transfers amounted to 2.6 trillion tenge, decreasing by 37.3% within the year.

Source: Kazakhtan 2050

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