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Sunday, September 22nd, 2019

Ministry of National Economy: The budget in 2017 will receive 500 billion more than forecast

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The Government has updated the national budget parameters with the increase in the forecast volume of revenue by 500 billion tenge.

The forecast parameters of the national budget for 2017 were updated based on the corrected macroeconomic forecast, and also tax revenue for 2016. National budget revenues (excluding transfers) in 2017 are estimated at 4 trillion 891 billion tenge, which is 554 billion higher than the approved plan, � the Minister of National Economy Timur Suleimenov said today at the presentation of amendments to the Law On national budget for years 2017-2019.

According to him, the main increase in revenue is expected from the corporate income tax (136.6 billion tenge), value added tax (132.5 billion) by improving macroeconomic indicators, and the export customs duty (ECD) for oil � by 185.3 billion tenge (through higher rates of ECD for oil from 35 to 50 US dollars per tonne at higher oil prices).

According to the Minister, it provides an increase of the target transfer from the National Fund by 1 trillion 92.9 billion tenge to 1 trillion 534.6 billion tenge; increase of budget deficit by 969.8 billion tenge to 1 trillion 547.9 billion tenge (3.1% of GDP).

Guaranteed transfer from the National Fund is kept at the previously approved amount of 2 trillion 880 billion tenge. With this in mind, the forecast for the national budget expenditure in 2017 is defined to 11 trillion 176.4 billion tenge, which is 2 trillion 615 billion tenge above the approved amount, � Suleimenov summarized.

Source: Government of the Republic of Kazakhstan

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