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Shadow economy in Kazakhstan down by 3 percent

Business Materials 26 November 2018 17:23 (UTC +04:00)

Baku, Azerbaijan, Nov. 26

By Rashid Shirinov – Trend:

The shadow economy in Kazakhstan for the past five years has decreased from 28 to 25 percent, Prime Minister Bakytzhan Sagintayev said, according to the Kazakh media.

He noted that non-cash payments between enterprises operating on the basis of patents will soon be banned. He also expressed the need to move to the mass use of online cash registers from 2020.

"The government applies incentives to avoid the burden on business. We are reducing taxes by 60,000 tenge. Thanks to this, small business can buy cash registers. Also, by 2020, all the trade markets of the country must switch to a stationary work format," the PM added.

Sagintayev also noted that violations by the participants of foreign economic activity, who reduced the cost of imported goods, were detected.

"Notifications of violations worth 44 billion tenge were sent to them in the first 9 months of this year. All those companies were charged 44 billion tenge for the state budget. We assume that in 2019, thanks to this work, 520 billion tenge will be added to the state budget," he said.

(366.05 KZT = 1 USD on Nov. 26)

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