Kazakhstan fails to achieve planned state budget revenues

Finance Materials 10 March 2020 17:32 (UTC +04:00)
Kazakhstan fails to achieve planned state budget revenues

BAKU, Azerbaijan, Mar.10

By Nargiz Sadikhova – Trend:

The revenue part of Kazakhstan state budget has been implemented by 97.3 percent over first two months of 2020 compared to the planned volume, Kazakhstan’s Minister of National Economy Ruslan Dalenov said, Trend reports with reference to the ministry.

Implementation on the republican budget was 83 percent and 145.3 percent on local budgets.

Dalenov said that partial revenue receiving to the republican budget was due to a number of factors.

Firstly, it was due to the coronavirus outbreak which started in China at the end of 2019 and which badly affects the VAT payments.

Dalenov noted that the value of import from China decreased by 11 percent in Feb. 2020 compared to Feb. 2019 and its volume dropped by 27 percent. As a result customs duties and taxes from import from China decreased by 12 percent or 2.1 billion tenge ($5.5 million).

Overall decrease of road transport by 24 percent and railway transport by 14 percent from China was observed over last two months.

Decrease in the number of vehicles importing goods from the countries of the Eurasian Economic Union was recorded by 20 percent in February 2020.

Secondly it was due to the decrease of prices on foreign markets.

“Decrease of prices on copper by six percent, aluminum by five percent, zinc by 10 percent, lead by three percent, has affected decrease of advance payments implemented by corporate income tax payers by nearly 50 percent,” Dalenov said.

He added that decrease of payments by 56 percent by 18 second tier banks of Kazakhstan has also been observed.

Overall notwithstanding negative external factor growth ration of VAT payments was 110.5 percent compared to the corresponding period of last year.

Revenue to the local budget amounted to 559 billion tenge ($1.5 billion) which is 174 billion tenge ($455.4 million) more than the planned volume. The surplus was observed in all regions.

Expenditures plan from the state budget was implemented by 96.5 percent, from republic budget by 97.1 percent, from local budget to 96.9 percent.

Expenditures from republican budget amounted to 2.1 billion tenge ($5.5 million), from local budgets to 721 billion tenge ($1.9 billion).


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