ASTANA, Kazakhstan, August 26. Kazakhstan is experiencing a republican budget deficit, Trend reports.
According to the Ministry of Finance, the deficit had reached 1.2 trillion tenge ($2.4 billion) as of August 1, 2024. The report indicates that while the budget was expected to receive 11.5 trillion tenge ($23.9 billion), actual revenue was only 10.2 trillion tenge ($21.2 billion)—88.8 percent of the planned amount.
Tax revenues fell short, with 6 trillion tenge ($12.4 billion) collected instead of the anticipated 7.7 trillion tenge ($16 billion). Value-added tax collections missed the target by about 1 trillion tenge ($2 billion), with only 2.5 trillion tenge ($5.2 billion) collected out of a projected 3.5 trillion tenge ($7.2 billion). Corporate income tax also saw a shortfall of 639.4 billion tenge ($1.3 billion).
On a positive note, non-tax revenues exceeded expectations, totaling 876.8 billion tenge ($1.8 billion) compared to the anticipated 120 billion tenge ($249 million). Much of this was due to higher than expected income from state assets.
Expenditures for the budget by August 1 amounted to 12.9 trillion tenge ($26.8 billion), below the planned 13.5 trillion tenge ($28 billion). Transfers from the National Fund to the national budget totaled 2.9 trillion tenge ($6 billion).
For context, Kazakhstan’s budget deficit was 3.1 trillion tenge ($6.4 billion) in 2023.