Tax revenues of Kazakhstan National Fund surge

Finance Materials 7 March 2019 11:18 (UTC +04:00)

Baku, Azerbaijan, Mar. 7

By Rashid Shirinov – Trend:

Tax revenues of Kazakhstan National Fund in February 2019 amounted to 453.3 billion tenge, which is more than four times higher compared to January, Trend reports via Kazakh media.

"High oil prices at the end of October 2018, led to an increase in tax payments to the National Fund in February 2019. In the first two months of 2019, the National Fund acquired 584 billion tenge, which is 53.5 percent higher year-on-year," The Association of Financiers of Kazakhstan (AFK) informed.

Some 76.3 percent of tax revenues this year account for corporate income tax and Kazakhstan’s share in production sharing on contracts concluded in the oil sector.

AFK believes that if the current rates are maintained, the total tax revenues to the National Fund may amount to 3.4 trillion tenge in 2019.

"High oil prices and an increase in the exports of raw materials can also contribute to the growth of revenues. In January-February this year, Caspian Pipeline Consortium exported 10.5 million tons of oil, which is 11.3 percent more year-on-year," AFK noted.

Meanwhile, 430.6 billion tenge of the National Fund’s financial resources were used in January-February this year: 430 billion tenge as guaranteed transfer and 0.6 billion tenge to cover the costs related to the management of AFK.

(377.95 KZT = 1 USD on Mar. 7)


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