ASTANA, Kazakhstan, September 9. The revenues of the National Fund of Kazakhstan as of September 1, 2025 (January through August 2025) reached 5.2 trillion tenge (approximately $9.88 billion), which is 190.9 billion tenge (approximately $362.71 million) less than the same period last year. Trend reports.
The main portion came from tax revenues – 2.7 trillion tenge
($5.13 billion), a decrease of 122.1 billion tenge ($232 million)
or 4.3 percent.
Investment income for the first half of the year reached 2.5
trillion tenge ($4.75 billion), continuing to play a key role in
asset growth.
Tax revenue figures show mixed dynamics:
Income from Kazakhstan’s share under Production Sharing Agreements (PSAs) – 799.5 billion tenge ($1.52 billion) (-9.4 percent);
Corporate Income Tax (CIT) – 794.9 billion tenge ($1.51 billion) (-13.8 percent);
Mineral Extraction Tax (MET) – 779.6 billion tenge (~$1.48 billion) (+32.4 percent);
Export rental tax – 243 billion tenge ($461.7 million) (-19.2 percent).
Since the beginning of the year, 3.9 trillion tenge ($7.41 billion) has been withdrawn from the National Fund, including:
2 trillion tenge ($3.8 billion) allocated to the guaranteed transfer to the state budget;
1.8 trillion tenge ($3.42 billion) for targeted transfers.
Consequently, net inflow amounted to 1.4 trillion tenge ($2.66 billion), increasing the Fund's assets from 34.7 trillion tenge ($65.93 billion) to 36.1 trillion tenge ($68.59 billion). However, excluding investment income, a negative balance of -1.1 trillion tenge ($2.09 billion) is recorded.
Revenues to the National Fund exceeded withdrawals, strengthening its position even amid declining oil prices and trade uncertainty. This underscores the importance of diversifying income sources and the role of investment income as a buffer against the volatility of resource-based taxes.
