BAKU, Azerbaijan, January 19. Kazakhstan hopes to increase the state revenues by 3.7 trillion Kazakh tenge ($7.98 billion), Yerulan Zhamaubayev, Minister of Finance of Kazakhstan, said, Trend reports, citing Kazakh media.
According to the minister, increasing state revenue is the key element of reducing budget deficit.
Zhamaubayev also added that the government is taking steps to reduce the share of the shadow economy, as well as to improve tax and customs administration.
The minister added that the national system of tracing goods is being modernized to address some of the above-mentioned issues.
The minister also noted that it is necessary to gradually reduce the budget deficit as a part of the implementation of the concept of public finance management.
Previously, Kazakhstan approved a budget plan for 2023, which includes a revenue of 17.8 trillion Kazakh tenge ($38.39 billion) for 2023, which is an increase of 2 trillion Kazakh tenge ($4.3 billion) compared to the previous year.
Meanwhile, expenditures are planned in the region of 21 trillion Kazakh tenge ($45.29 billion) or 17.4 percent of GDP with an increase of 2.2 trillion tenge ($4.7 billion) compared to the preceding year's plan.