Baku, Azerbaijan, April 10
By Fakhri Vakilov – Trend:
Relatively high oil prices, supported by lower production levels under OPEC + agreement and US sanctions against Venezuela and Iran, lead to an increase in revenues to the National Fund of Kazakhstan, Trend reports with reference to Association of Financiers of Kazakhstan (AFC).
In the first quarter of 2019, direct taxes from organizations of the oil sector to the fund amounted to 720.4 billion tenge, which is 55 percent more compared to the first quarter of 2018.
Meanwhile, the volume of tax revenues in March amounted to 135.2 billion tenge, of which 125.3 billion tenge accointed for corporate income tax (CIT).
In case of maintaining the current rate, the total revenues to the National Fund for Taxes in 2019 may amount to 2,817 billion tenge, which is 12 percent lower than actual revenues for 2018.
Meanwhile, in the budget of Kazakhstan for 2019, the US dollar rate was set at the level of 370 tenge per dollar, while the estimated cost of oil was reduced to $55 per barrel.
At the specified price conjuncture, tax revenues to the National Fund are projected by the government at the level of 2,587.2 billion tenge.
However, the dollar exchange rate is near the level of 380 tenge, the barrel of Brent oil is being traded for $71, and the volume of oil exports is growing.
These circumstances speak in favor of the fact that income to the National Fund this year may be higher than the forecast levels.
For three months of 2019, 790.7 billion tenge of National Fund funds were used for two purposes: 790 billion tenge in the form of a guaranteed transfer and 0.7 billion tenge to cover the costs associated with the management of the fund.
Thus, the funds of the National Fund decreased from the beginning of the year by 70.3 billion tenge to 25,316.2 billion tenge.
The current budget of the country for 2019 assumes that the transfer from the National Fund to the country’s budget will be 2.45 trillion tenge.
However, a draft law on introducing amendments and addenda to the law on Kazakhstan budget for 2019-2021 is being considered, which provides for a significant increase in the volume of transfer at the moment.
So, it is planned to increase transfers from the National Fund to 3.07 trillion tenge.
The size of the guaranteed transfer can be increased from 2.45 trillion tenge to 2.70 trillion tenge. Moreover, 370 billion tenge will be transferred in the form of a targeted transfer to the creation of the “Kazakhstan Investment Development Fund”.
($1-378.87 tenge on April 10)
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