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State budget revenues exceeded by nearly 1 trillion tenge – Ministry of Finance

by October 25, 2016 General

At the Governments meeting chaired by Prime Minister of Kazakhstan Bakytzhan Sagintayev, Minister of Finance Bakhyt Sultanov noted qualitative achievements in execution of state budget over the 9 months of 2016.

According to the Minister, there is performance above target, and the amount of taxes collected to date nearly equals the amount through the last year.

The budget is executed with reaching a peak for a given period. The half was directed to social sphere, while a quarter was applied for economic growth, B. Sultanov informed.

As head of the Finance Ministry informed, regional economy is supported by a new transfer to economic stability, and local budgets show overall positive growth.

The results reflect the positive impact of fiscal policy on the economic situation, the Minister said.

As B. Sultanov explained, the revenues exceeded nearly 1 trillion tenge (941 billion tenge or 26%).

This reflects the improvement in the macroeconomic environment. For example, the number of active taxpayers increased by 7.3% and reached 85,000 enterprises, the Minister clarified.

Overfulfillment of revenues was the basis for budget adjustment. In general, state budget revenues (without transfers) are executed by 126%, including 131%-increase in republican budget and 115%- in local budgets.

Source: Government of the Republic of Kazakhstan