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Plan on budget revenues surpassed in Kazakhstan

Finance Materials 13 April 2021 16:06 (UTC +04:00)
Plan on budget revenues surpassed in Kazakhstan

Baku, Azerbaijan, April 13

Trend:

Some 2.2 trillion tenge ($5.07 billion) was transferred to the state budget of Kazakhstan from January through March 2021, Kazakh Minister of Finance Yerulan Zhamaubayev said.

Zhamaubayev made the remark at a governmental meeting while reporting about the execution of the state funds for the first quarter, Trend reports referring to the ministry.

Thus, the plan was fulfilled by 111.4 percent. In particular, 1.3 trillion tenge ($2.9 billion) was transferred to the budget or the plan was fulfilled by 101.2 percent.

Thus, the income plan was exceeded by 16 billion tenge ($36.9 million).

At the same time, taxes were not fulfilled by five billion tenge ($11.5 million) while non-tax revenues surpassed by 20 billion tenge ($46.1 million).

“The main amount of non-fulfillment of taxes falls on VAT on domestic goods and corporate income tax,” the finance minister said.

"The reasons for non-fulfillment of the plan for VAT on domestic goods are an increase in VAT refund by 2.2 times or by 232.6 billion tenge (536.1 million) compared to the same period of last year, a decrease in sales turnover in accordance with the "E-invoices" information system by two percent or 525 billion tenge ($1.2 million)," the minister added.

The plan on corporate income tax was not fulfilled by 753 big taxpayers by 86 billion tenge ($198.2 million) due to a decrease in the amount of advance payments for the first quarter of 2021.

At the same time, the plan on oil pumping station for import and customs duty for crude oil was surpassed.

This is connected with an increase in import from third countries by 9.4 percent, an increase in prices for the exported goods by an average of 11.2 percent, as well as an increase in the customs duty rate for crude oil.

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