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Revenues of state budget in Kazakhstan exceeds projections

Kazakhstan Materials 15 February 2021 17:09 (UTC +04:00)
Revenues of state budget in Kazakhstan exceeds projections

BAKU, Azerbaijan, Dec. 15

By Nargiz Sadikhova - Trend:

The volume of revenues to the state budget exceeded the plan by 4.9 percent in Jan. 2021, Trend reports citing Kazakhstan’s Ministry of Finance.

The volume of revenues to the republican budget was 12 percent less than the plan, whereas revenues to the local budgets were 37 percent above the plan.

Thus, the tax payments to the state budget equaled 490.4 billion tenge ($1.1 billion) in Jan. 2021, which is 5.8 percent less than in Jan. 2020. The tax payments to the republican budget decreased by 14.6 percent, whereas payments to the local budgets increased by 7.6 percent.

In the context of taxes paid to the republican budget, the largest amounts of non-fulfillment of the plan accounted for value-added tax on domestically manufactured goods, i.e by 22.5 billion tenge ($53.4 million), corporate income tax by 14.2 billion tenge ($33.7 million) and value-added tax on imports from third countries by 6.6 billion tenge ($156.7 million).

The largest reduction in payments accounts for export customs duties on oil (by 7.5 percent) in comparison with the same period last year.

The following factors influenced the decrease in revenues:

- A 13.6 percent decline in oil prices compared to last year.

- Decrease of trade turnover with third countries by 22.2 percent.

- Decrease in sales turnover by 13.8 percent year-on-year.

- Decrease the average revenue of online cash registers per taxpayer by 5 percent.

The volume of tax revenues paid to the local budget was 37 percent more than the plan and equaled 221.5 billion tenge ($526.1 million), which is also 7.6 percent more than in Jan. 2020.

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Follow the author on Twitter: @nargiz_sadikh

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