Kazakhstan's budget deficit up by 4 times

Business Materials 13 April 2019 11:53 (UTC +04:00)

Baku, Azerbaijan, April 13

By Fakhri Vakilov – Trend:

The results of two months of 2019, shows that the deficit of the state budget of Kazakhstan amounted to 217.9 billion tenge, which is almost four times higher than the deficit for the same period last year, Trend reports with reference to the Association of Financiers of Kazakhstan.

Revenues for all major types of tax payments to the republican budget - CIT (+21.6 percent), VAT (+ 24.7 percent) and excise taxes (+17.9 percent) are growing.

The increase in the deficit of the republican budget is accompanied by a faster growth rate of expenditures over revenues. So, if budget revenues in the reporting period increased by 12.4 percent, then expenses increased by 20.9 percent.

It should be noted that the state budget deficit of Kazakhstan is envisaged to stand at 1,326.6 billion tenge or 2.1 percent of GDP in 2019.

Meanwhile, the surplus of local budgets amounted to 167.3 billion tenge, thanks to which, the state budget was practically balanced in January-February 2019 with a deficit of 51.1 billion tenge.

It should be noted that the year before the state budget was in surplus, revenues exceeded expenditures by 106.7 billion tenge.

The consolidated budget for the two months was formed with a surplus of 102.3 billion tenge, due to an increase in tax revenues from the organizations of the oil sector in February, when the main payments for the fourth quarter of 2018 were made.

The revenues of the republican budget for the two months of this year amounted to 1,640.3 billion tenge, which is 12.4 percent higher compared to January-February of last year.

Revenues from transfers to the republican budget amounted to 493.4 billion tenge, which is 35.4 billion tenge less compared to the same period last year. In particular, transfers from the National Fund amounted to 430.0 billion tenge, and transfers from regional and city budgets amounted to 63.4 billion tenge.

The total revenues of local budgets for two months amounted to 721.6 billion tenge, which is 8.2 percent higher compared to the same period last year.

However, the growth was mainly due to an increase in the volume of transfers from the republican budget.

The total tax revenues in the country amounted to 2,088.5 billion tenge, which is 26.2 percent higher compared to the same period last year.

Moreover, 399.9 billion tenge of taxes were transferred to local budgets, 1 119.4 billion tenge to the republican budget and 569.2 billion tenge to the National Fund.

Revenues from VAT amounted to 494.9 billion tenge, an increase of 24.7 billion tenge compared with January-February 2018.

In the first two months of 2019, the National Fund was replenished by 584.0 billion tenge, which is 53.5 percent more than income for the same period last year.

In particular, tax revenues amounted to 569.2 billion tenge, which is 201.0 billion tenge higher than revenues in January-February 2018.

The total tax revenues to the National Fund in February amounted to 453.3 billion tenge, which is 62.6 percent higher than revenues in February 2018 and more than four times higher than revenues in January of the current year.

($1- 379.31t enge on April 13)

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