ASTANA, Kazakhstan, November 7. The oil and gas industry in Kazakhstan is steadily reducing its direct tax revenues to the National Fund, Trend reports.
According to operational data from the Ministry of Finance of Kazakhstan, in the initial ten months of 2024, direct tax revenues generated for the National Fund from the oil and gas sector reached an impressive 3.2 trillion tenge, equivalent to approximately $7 billion.
Compared from January through October 2023, revenues decreased by almost 10 percent, as during the same period direct tax revenues from the oil and gas sector to the National Fund totaled 3.587 trillion tenge, or about $7.174 billion at current exchange rates.
The largest contribution to Kazakhstan's budget comes from tax revenues from corporate income tax and internal taxes on goods, works, and services.
A hefty slice of the tax pie in Kazakhstan's oil and gas sector can be traced back to corporate tax and the special payments that subsoil users have to cough up.
In 2024, the non-oil deficit of the national budget (the difference between budget expenditures and revenues excluding oil and gas) amounted to $17,4 billion, or 6.5 percent of the country's GDP. The Tax Burden Ratio (TBR) by international standards (the ratio of all taxes to pre-tax profits) for companies in the oil and gas sector exceeds 64 percent, which is higher than in all other sectors.
