Revenues to Kazakh budget go be up by nearly $250M

Baku, Azerbaijan, October 1

By Nargiz Sadikhova - Trend:

The value of revenues to the republic budget of Kazakhstan will increase by 95 billion tenge (approximately $245.027 million), Minister of National Economy of Kazakhstan Ruslan Dalenov said, Trend reports with reference to the press office of prime minister of Kazakhstan.

He made the statement during the Government session chaired by the Prime Minister of Kazakhstan Askar Mamin, during which the republican budget for 2019 was specified.

According to Dalenov, when updating the republican budget for 2019, it is proposed to maintain the main indicators of the Forecast of the country's socio-economic development. This is a 3.8 percent GDP growth, oil production in the amount of 89 million tons.

Factors for maintaining the Forecast parameters are the preservation of the forecast for foreign markets, the dynamics of indicators for nine months of the current year, as well as the adjustment made in March 2019.

As Dalenov said, it is proposed to increase the republican budget revenues by 95 billion tenge due to tax revenues by 12 billion tenge and non-tax revenues by 83 billion tenge.

Non-tax revenues are to increase by 83 billion tenge due to an increase in dividend income by 50 billion tenge to 66 billion tenge, actual income by 33 billion tenge.

“In general, the republican budget revenues (excluding transfers) in 2019 will amount to 7.81 trillion tenge,” the minister said.

The income structure by type of income is maintained. The largest volume is represented by value added tax (2.8 trillion tenge), corporate income tax (2 trillion tenge), taxes on international trade (1.5 trillion tenge).

The republican budget deficit remains at the previously approved level of 1.365 trillion tenge. In relation to GDP, this is 2.1 percent.

The non-oil deficit, that is, excluding oil revenues, is 8.5 percent of GDP or 5.5 trillion tenge. The parameters of the non-oil deficit correspond to the established fiscal rules.

As Dalenov clarified, the total revenue is increasing by 95 billion tenge and will amount to 10.7 trillion tenge. Incomes of transfers, including transfers from the National Fund, do not increase.

“Costs increase in proportion to the increase in revenues by 95 billion tenge. The volume of expenditures of the republican budget will exceed 12 trillion tenge. Thus, revenues will amount to 10.7 trillion tenge, expenditures to 12 trillion tenge, deficit to 1.4 trillion tenge,” the minister of national economy added.

(1 USD = 387.99 KZT on October 1)

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Follow the author on twitter: @nargiz_sadikh

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