ASTANA, Kazakhstan, September 13. Kazakhstan plans to increase the value added tax rate, said Deputy Minister of National Economy of Kazakhstan Azamat Amrin, Trend reports.
"This issue is being discussed. We are raising this because one of the functions of the Tax Code is fiscal, replenishing budget revenues," he said at a government briefing, answering questions from reporters.
According to him, if VAT rises from 12 percent to 16 percent, then this will be about 2-2.4 trillion tenge (about $4.33-$5.2 billlion) of additional budget revenues."It is proposed to raise the rate, it is currently under discussion," he added.
Today the VAT rate in Kazakhstan is 12 percent. Compared to other countries - such as Russia, Belarus, where the rate is 20 percent, and European countries, where it can reach 27 percent - the VAT rate in Kazakhstan remains relatively low.
The proposed rate increase will lead to additional budget revenues and will also increase the competitiveness of domestic goods compared to goods imported from neighboring countries. This rate is expected to apply from 2025.
