Azernews.Az

Friday March 29 2024

Kazakhstan sees rise in budget revenues

13 July 2016 13:50 (UTC+04:00)
Kazakhstan sees rise in budget revenues

By Nigar Abbasova

Revenues of Kazakhstan’s state budget from taxes and payments increased by 1.4 times and totaled 2.659 trillion Kazakh tenges ($ 0.078 trillion) in January-May 2016, as compared to the same period of 2015, Finprom.kz analytical service reported.

Some 2.46 trillion tenges ($ 0.076 trillion) accounted for tax revenues, including 935.08 billion tenges ($ 2.74 billion) of income tax and 841.42 billion tenges ($ 2.47 billion) of taxes for commodity and services.

Proceeds of the state budget stood at 1.9 trillion tenges, while that of local budgets were 756.61 billion tenges, which are respectively 1.6 times and 1.1 times more than in January-May 2015.

The government of Kazakhstan adopted the national budget for 2016-2018 in 2015. Nevertheless, the country was forced to downgrade its growth and oil output forecasts for 2016 because of a collapse in global oil and metals prices. Following volatility on the global oil markets, with crude trading below the annual price of $40 per barrel, the country decided to revise the budget.

Kazakhstan's budget that was previously based on $40 oil and an average exchange rate of 300 tenge per dollar has been recalculated at 360 tenge per dollar.

The budget deficit has been revised to 2 percent of the GDP from 1.6 percent, Interfax-Kazakhstan reported earlier citing the country’s Minister of National Economy Yerbolat Dosayev.

The revenue to the budget, excluding transfers from the National Fund set at 3.365 trillion tenge ($ 0.0098 trillion) as compared to 3.665 trillion tenge ($ 0.0107 trillion) in the previous version of the 2016 government budget. The inflation outlook was kept unchanged at 6-8 percent for 2016.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more