BAKU, Azerbaijan, June 20. Kazakhstan’s state budget revenues for the first four months of 2023 showed a significant growth of 14.1 percent year-on-year, Trend reports.
As the latest data from the Ministry of National Economy of Kazakhstan revealed, the total income reached 7.515 trillion tenge ($16.5 billion), marking an impressive increase of 926 billion tenge ($2 billion).
The primary driver behind this revenue surge was the substantial growth in tax collections, which rose by 21.3 percent, or 1.048 billion tenge ($2.3 billion). Tax revenues contributed significantly to the overall budget expansion, demonstrating the positive economic momentum in the country.
However, transfer receipts to the republican budget experienced a decline of 8.1 percent, or 120 billion tenge ($264.8 million), compared to the corresponding period in 2022. The government will need to address this decrease and explore potential avenues to bolster transfer revenues in the coming months.
Analyzing the structure of tax revenues, the most notable growth was observed in value-added tax (VAT) income. VAT collections soared by 32 percent, which is an increase of 395.7 billion tenge ($873.4 million) year-on-year. Notably, domestic production within Kazakhstan contributed significantly to this surge, with VAT on domestically manufactured goods rising by 20.6 percent, or 114.4 billion tenge ($252.5). Additionally, the growth in imports led to a substantial increase of 40.9 percent, or 279.2 billion tenge ($616.2 million) in tax revenues from imported goods.
Furthermore, income tax revenue from corporate entities experienced a remarkable boost, registering a growth of 15.7 percent, or 249.9 billion tenge ($551.8). Individual income tax also saw a significant rise, reaching 136.1 billion tenge ($300.4 million), or an increase of 26.4 percent.
These positive trends in tax revenues signify the resilience and robustness of the Kazakhstani economy. The government remains committed to maintaining favorable conditions for economic growth and will continue monitoring revenue inflows closely.