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Kazakh National Fund’s revenues reduce sharply

Business Materials 8 August 2016 17:30 (UTC +04:00)

Baku, Azerbaijan, Aug. 8

By Elena Kosolapova – Trend:

Kazakh National Fund’s revenues from taxes and payments in January-July 2016 reduced by 39 percent as compared to the same period of 2015, standing at 609.89 billion tenges (348.97 tenges = $1), Finprom.kz analytical center’s report said.

In July the tax and payment revenues of the National Fund amounted to 15.8 billion tenges as compared to 47.1 billion tenges in July 2015.

The main financial flows to the National Fund came from corporate income tax and mineral resources extraction tax in January-July 2016.

Kazakh National Fund’s corporate income tax amounted to 288.77 billion tenges in this period, which is 1.4 times less than the same period of 2015. Revenues from mineral resources extraction tax fell by 1.7 times to 145.02 billion tenges in this period.

Significant reductions in the National Fund’s revenues since 2015 resulted from sharp fall in the world oil prices and drop in oil production and export in Kazakhstan, the report said.

The analytical center forecasts that the National Fund’s revenues will remain at the current level until commercial oil production starts at large Kashagan oil field. Oil production at Kashagan is expected to resume in late 2016.

Edited by SI

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