Socio-economic development for January-March 2020 in Kazakhstan

Kazakhstan • 20 April, 2020

Socio-economic development for January-March 2020 in Kazakhstan

For the first quarter of 2020, the state budget revenues were implemented by 89.9% of the plan of the reporting period, the republican — by 78.8%, local budgets — by 121.4%, primeminister.kz says.

Egemen Qazaqstan

The republican budget revenues decreased by 10.5% (89.5%) due to the negative impact of external factors on the economy. The republican budget received revenues of 1.4 trillion tenge. The plan is not executed for 378 billion tenge. The default occurred mainly due to taxes.

First, the spread of the coronavirus epidemic had a negative impact on the receipt of VAT and import. In particular, the reduction in imports from third countries amounts to $68 million. In connection with the reduction in imports, a decrease in tax revenues from 11.4 thousand taxpayers of 49.1 billion tenge mainly in wholesale and retail trade — 6.5 thousand taxpayers , manufacturing industry — 1.3 thousand, mining industry — 130 taxpayers.

In addition, the spread of coronavirus caused a decrease in the number of vehicles from the PRC by 29.3%, from the EAEU countries by 17.8%.

For reference: in March 2020, compared to March 2019, imports from China decreased by 20.3% or $61 million. As a result, customs duties and taxes from importing goods from China decreased by 15.5% or by 2.8 billion tenge.

Second, non-compliance with CIT was affected by lower prices for the main export positions: for crude oil — by 22.1%, zinc — by 20.8%, copper — by 9.4%, aluminum — by 9.7%, lead — by 10.1%, ferrochrome — by 11.6%.

At the same time, sales turnover of large 1,796 enterprises paying CIT to the republican budget decreased by 3.4% (from 8.9 trillion tenge to 8.6 trillion tenge).

Third, due to a decrease in entrepreneurial activity, the plan for VAT on TVP was not executed for 132 billion tenge.

In the revised republican budget adopted on April 8, the annual revenue plan amounted to 6.4 trillion tenge.

Revenues of local budgets exceeded by 134 billion tenge and amounted to 759 billion tenge. Overfulfillment was formed mainly due to taxes — 127 billion tenge. Revenue plans are overfulfilled in all regions.

Republican budget expenditures amounted to 2.9 trillion tenge. Local budget expenditures amounted to 1.2 trillion tenge. In the reporting period, audit activities continued. 512 auditing events were held. 249 billion tenge of budget funds are covered. Financial irregularities of 91 billion tenge were found.

The implementation of the Comprehensive Privatization Plan for 2016–2020 was 93.2% complete. In 2020, it is planned to sell 68 objects. Of these, 37 have been put up for sale. During the reporting period, 6 objects were sold for 3.2 billion tenge. Thirty-one objects are put up for auction. Three objects are aimed at reorganization and liquidation. Twenty-eight objects will be put up for sale before the end of the year.

One of the main tasks facing the Ministry of Finance is, together with the relevant state bodies, timely bringing to the final recipients the financial resources provided for in the amended budget for the social sphere and the support of entrepreneurs. During the year, the agency will ensure the implementation of the revised revenue plan, without reducing their growth rate.

Follow important and current news of the day on the telegram channel «Egemen Kazakhstan»