ASTANA, Kazakhstan, June 27. Kazakhstan anticipates up to 3.5 trillion tenge (approximately $6.72 billion) in additional budget revenue following the implementation of a new Tax Code, First Vice Minister of National Economy Azamat Amrin said during a joint session of Parliament, Trend reports.
Responding to questions from MPs, Amrin outlined the key sources of additional revenue. These include an increase in the value-added tax (VAT) rate from 12% to 16%, a higher corporate income tax for banks set at 25%, and increased excise duties on alcohol, tobacco, and gasoline. The reduction of tax exemptions is also expected to contribute to the revenue boost.
“Preliminary estimates suggest we will see an additional 3 to 3.5 trillion tenge in revenue from the new Tax Code alone,” Amrin said. “In addition to that, we will also account for revenue generated through overall economic growth.”
The new Tax Code is part of broader fiscal reforms aimed at strengthening Kazakhstan’s revenue base and ensuring long-term budget sustainability.