BAKU, Azerbaijan, Sept. 9
By Nargiz Sadikhova - Trend:
Revenues of Kazakhstan’s state budget amounted to 5.5 trillion tenges ($123.8 billion) from Jan. through Aug. 2020, which is 4.5 percent lower than the planned volume, Kazakhstan’s Minister of Finance Yerulan Zhamaubayev said, Trend reports with reference to Kazakh media.
The republican budget revenue amounted to 3.4 trillion tenges ($8.1 billion), which is 15 percent less than the projected volume. The decrease of payments compared to the estimates was due to a decrease in payment of VAT and CIT taxes.
The decrease in CIT tax payments was also due to a drop in prices on main export items by an average of 14.4 percent, a decrease in the number of declared advance payments of 854 large taxpayers by 229.2 billion tenges ($541.1 million), decrease in revenues from second-tier banks by 9 billion tenges ($21.2 million).
In turn, the main reasons for the decrease of VAT payments compared to the projections were an increase in VAT refunds by 63.4 percent or 201.8 billion tenges ($476.4 million) compared to the same period last year.
The second reason was the decrease in sales turnover by 11.6 percent. The main decrease occurred in the mining industry, where turnover fell by 33.2 percent or 3.9 trillion tenges ($92.01 billion) compared to the same period in 2019.
Furthermore, the reasons for not meeting the VAT estimates also included a drop in business activity due to the introduction of a quarantine regime for about 20,600 taxpayers, who reduced payments by 265 billion tenges ($625.6 million), a decrease in trade turnover of Kazakhstan with third countries by 10.5 percent, with the EAEU countries by 11 percent.
---
Follow the author on twitter: @nargiz_sadikh
