Kazakhstan's budget revenues to increase after introduction of product labeling

Kazakhstan's budget revenues to increase after introduction of product labeling

BAKU, Azerbaijan, Nov. 17

Trend:

Kazakh Minister of Trade and Integration Bakhyt Sultanov has announced the planned revenues to the budget after labeling of goods in the country, Trend reports with reference to the Kapital.kz. business information website.

Sultanov explained that the labeling of goods in international practice is one of the effective tools aimed at reducing the shadow turnover of goods.

“The experience of other countries demonstrates the positive effects of the introduction of product labeling,” the minister said. “For example, tax collection in the segment of alcoholic and non-alcoholic beverages increased by 20 percent and 142 percent, respectively, in Brazil and Turkey.”

“The volume of illegal sale of tobacco products in Turkey decreased by 11 percent,” Sultanov said at a governmental meeting. “The digital traceability system in the EU has reduced the turnover of smuggled products by 30 percent over five years."

The minister explained that there are six sectors in the commodity groups, on which the introduction of product labeling is envisaged in Kazakhstan.

“The volume of the shadow market, according to the expertise, reaches up to 63 percent,” Sultanov said.

"It is assumed that after the introduction of the product labeling in these commodity groups, the volume of legal trade turnover will reach 337 billion tenge while budget revenues - 58 billion tenge,” the minister said. “The system will ensure the creation of a state program envisaging specific goals for business development.”

“The state will receive additional revenues and ensure their return in the form of support within the program of industrial and innovative development of Kazakhstan for 2020-2025," Sultanov said.

“The share of the legal market and production volume will grow up to 30-50 percent,” the minister said. “The prime cost and prices will fall by 5-10 percent, 2,000-3,000 new jobs will appear.”

"Counterfeit goods worth more than 30 billion tenge have been revealed in Kazakhstan since 2016,” the minister said. “The introduction of an integrated system of labeling and traceability of goods is expected to have a cumulative effect on the budget in the amount of 2.6 trillion tenge over five years."

The minister is confident that the labeling and traceability of goods will ensure the prevention of the circulation of goods that have a negative impact on the health of the population, equalize the conditions for business, guarantee the quality of goods and economic security, and will also contribute to an increase in tax revenues to the budget.

Kazakhstan ratified an agreement on the labeling of goods by means of identification on the territory of the Eurasian Economic Union in 2019.

As part of the implementation of the norms of the agreement, Kazakhstan joined the key decisions of the Eurasian Economic Commission on the labeling of fur clothing, shoes, perfumes, tires.

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