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Budget revenues from customs duties and taxes increase in Kazakhstan

25 September 2013 13:09 (UTC+04:00)
Budget revenues from customs duties and taxes increase in Kazakhstan

Budget revenues of Kazakhstan from customs duties and taxes rose by more than 16 percent in the first eight months of the year, Finance Minister Bolat Zhamishev said on Monday during his speech at the government hour at the Majlis, lower house of Kazakh parliament.

"In the first eight months of this year, budget revenue from customs duties and taxes amounted to 855.5 billion tenge ($1 - 153.08 tenge), which is by 119.2 billion tenge, or 16.2 percent more compared to the same period of last year. Transfers made up 736.4 billion tenge for the same period in 2012," he said.

According to Zhamishev, the target for collection of taxes and payments from crude oil exports was over-fulfilled. In particular, 335.2 billion tenge was transferred instead of the targeted 323.8 billion tenge, which is more by 11.4 billion tenge, or 3.5 percent.

According to Zhamishev, transfers in value added tax (VAT) on imports amounted to 293.3 billion tenge compared to the target of 286.8 billion tenge, which is up by 6.4 billion tenge, or 2.2 percent.

According to the Kazakh Finance Ministry, expected revenues from customs duties and taxes will amount to 1.349 billion tenge in 2013, which is by 10.4 billion tenge, or 0.8 percent more than the target (1.338.7 billion tenge).

"The government expects to fulfill the target mainly due to VAT on imports - 452.5 billion tenge, as well as from export duties on crude oil - 535 billion tenge, which have seen significant revenues since April 13, 2013 caused by increase in oil prices from $40 per ton to $60 per ton," he stressed.

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