Emblem
Official Source of the
Prime Minister of the
Republic of Kazakhstan
Menu
Emblem
Close button

SMEs exempted from taxes and social payments until Oct. 1, 2020 — Ministry of National Economy

Thursday, 02 April 2020, 10:13:18

At the Government conference call chaired by Prime Minister Askar Mamin, the Minister of National Economy Ruslan Dalenov reported on the updated macroeconomic forecast for 2020 as part of the socio-economic development forecast for 2020-2024 and the draft Decree of the Head of State on the Adjustment of the Guaranteed Transfer.

According to him, the main factors for updating the forecast are the unstable foreign economic situation, the emerging global recession and a slowdown in business activity against the background of protective measures for containing the coronavirus.

“Since the beginning of the year, oil prices have decreased by 65.7%, for metals by an average of 15.6%, global stock indices have declined by an average of 20.9%. As of April 1, 2020, oil quotes fell to $22 per barrel,” the minister said.

With this in mind, the average oil price for April-December 2020 defined at $20 per barrel. The estimated dollar rate is taken at 440 tenge per dollar and annual inflation in the range of 9-11%.

Amid low prices, the forecast for oil production was reduced by 4 million tons to 86 million tons. This leads to a decrease in mining production. At the same time, a decrease is expected compared to previously approved growth rates in the manufacturing industry, agriculture, construction and the services sector, including trade.

“Export will decrease by $16.3 billion to $35.1 billion. Import will decrease by $7.5 billion to $26.6 billion. Given the above factors, GDP is expected to decline by 0.9%. Nominal GDP is estimated at 69.7 trillion tenge, which is 4.8 trillion tenge lower than the approved forecast,” Dalenov informed.

Based on the adjusted macroeconomic forecast, the forecast of the parameters of the republican budget for 2020 is refined. Revenues of the republican budget excluding transfers in 2020 are estimated at 6,414.1 billion tenge, which is 1,672.3 billion tenge less than the approved plan.

According to the minister of national economy, the main decline is expected in terms of VAT, ETP for crude oil and revenues for the use of natural resources.

The revenue side of the budget takes into account all tax incentive and relaxation measures taken to implement the instructions of the Head of State. A property tax exemption has been established before the end of the year for large shopping facilities, shopping centers, cinemas, theaters, exhibitions and catering facilities, a hotel, hostels, and tourist activities.

“Individual entrepreneurs working in accordance with the generally established taxation procedure are exempted from individual income tax for up to the end of the year,” Dalenov said.

In order to support the agro-industrial complex, agricultural producers will not pay land tax on agricultural lands until the end of the year. The import of biological assets of the agro-industrial complex by the end of the year is also exempted from VAT. At the same time, the VAT rate was reduced from 12% to 8% for socially significant food products for the period from March 30 to Oct. 1.

As the minister emphasized, it is planned to release small and medium-sized businesses for 6 months until Oct. 1, 2020, from taxes and social payments from the wage fund (individual income tax, social tax, compulsory pension contributions, contributions and deductions for compulsory health insurance and social contributions).

This measure covers the sectors of tourism, catering, hotel business, large retail facilities, shopping centers, cinemas, theaters, exhibitions and sports and fitness facilities, trade entities, with the exception of the sale of food and drugstores, transportation services, consulting services and information technology.

In terms of tax administration, until June 1, 2020, a delay has been introduced for SMEs on the payment of all taxes and mandatory payments to the budget and social contributions (PIT, social tax, social and medical insurance for an employee).

In addition, for the period of the state of emergency, tax audits and forced collection of tax, customs and social debt were suspended. In general, all the above measures will cover 700 thousand taxpayers.

Dalenov also noted that in order to cover the expected shortfalls in budget revenues and to finance the anti-crisis package of measures, it is proposed to increase the guaranteed transfer from the National Fund by 2,070 billion tenge to 4,770 billion tenge in 2020.

In general, the republican budget expenditures are projected at 14,270.7 billion tenge with an increase of 1,356.4 billion tenge relative to the approved amount. The deficit is planned at 3.5% of GDP with an increase of 840.7 billion tenge. The level of non-oil deficit will be 10.8% of GDP.


News feed
18 January 2021, 21:46
Government session to be held Jan. 19 in Ukimet Uyi
18 January 2021, 20:01
Prime Minister Askar Mamin introduces new ministers of national economy, labor and social protection of the population
15 January 2021, 19:07
President took part in the Plenary Session of the Majilis of the Parliament
15 January 2021, 16:25
President Kassym-Jomart Tokayev signs decree appointing Askar Mamin as Prime Minister of the Republic of Kazakhstan
15 January 2021, 10:04
President Kassym-Jomart Tokayev signs Decree on Government of the Republic of Kazakhstan
12 January 2021, 20:12
American Valmont Industries to launch plant for production of advanced irrigation systems in Kazakhstan
12 January 2021, 14:16
Volume of oil and condensate production in Kazakhstan in 2020 amounted to 85.7 million tons — Nurlan Nogayev
12 January 2021, 13:13
Agro-industrial complex of Kazakhstan in 2020 showed positive dynamics of development
12 January 2021, 13:00
At the end of 2020, state budget revenues plan fulfilled by 102.7% — Yerulan Zhamaubayev
12 January 2021, 11:55
Production of vehicles had positive effect on growth of machine-building industry — Beibut Atamkulov
12 January 2021, 10:51
Income of National Fund at the end of 2020 remained positive — Erbolat Dossaev
12 January 2021, 10:43
In 2020, employment measures covered 1.4 million people, tax breaks were received by 700 thousand entrepreneurs — Ministry of National Economy
12 January 2021, 10:02
In 2020, real sector became the main factor in stability of Kazakhstan’s national economy
11 January 2021, 19:20
Government session to be held Jan. 12 in Ukimet Uyi
11 January 2021, 10:36
Prime Minister Askar Mamin voted in elections of deputies to Majilis from Assembly of the People of Kazakhstan
10 January 2021, 07:46
Prime Minister of Kazakhstan Askar Mamin voted in parliamentary elections
08 January 2021, 15:54
World Bank improved its estimates for economic dynamics of Kazakhstan in 2020
08 January 2021, 14:03
Kazakhstan is developing investment cooperation with the United States through AIFC platform
07 January 2021, 08:08
Prime Minister of Kazakhstan Askar Mamin congratulates Kazakhstanis on Christmas
01 January 2021, 00:10
Prime Minister Askar Mamin congratulates Kazakhstanis on New Year
30 December 2020, 19:54
Yeraly Tugzhanov gets acquainted with production of unique devices for treatment of lung diseases
30 December 2020, 13:47
Fifty schools for 170 thousand places to be built under public-private partnership in Kazakhstan PPP
29 December 2020, 11:49
By 2030, Kazakhstan plans to grow about 270 thousand tons of marketable fish per year – Magzum Mirzagaliyev
29 December 2020, 11:33
Kazakhstan developed draft new General Agreement for 2021-2023 on achievement of Decent Work concept
29 December 2020, 10:00
Government adopts Program for Development of Fishing Industry until 2030
29 December 2020, 09:38
Askar Mamin instructs to ensure effective control over observance of labor rights of citizens
28 December 2020, 22:40
Government session to be held Dec. 29 in Ukimet Uyi
28 December 2020, 14:16
Alikhan Smailov participates in meeting of Council of Eurasian Economic Commission
24 December 2020, 17:37
Prime Minister Askar Mamin chairs meeting of Council on Transition to Green Economy under President of Kazakhstan
24 December 2020, 17:13
Askar Mamin chairs meeting of State Commission for Control over Construction of Nur-Sultan
24 December 2020, 11:31
Yerzhan Kazanbayev appointed vice minister of trade and integration of the Republic of Kazakhstan
24 December 2020, 11:29
Azamat Askaruly relieved as vice minister of trade and integration
23 December 2020, 12:16
Expansion of Makinsk poultry farm to improve food security in Kazakhstan — Askar Mamin
22 December 2020, 18:35
Government considers progress in implementation of Nation's Plan "100 Concrete Steps''
22 December 2020, 18:21
Minister of Defense speaks on military equipment of Armed Forces and service during emergency
22 December 2020, 11:48
Introduction of water-saving irrigation technologies to reduce water consumption and increase yields – Saparkhan Omarov
22 December 2020, 11:16
Ministry of Justice of Kazakhstan: Government’s plan of legislative work for 2020 fully implemented
22 December 2020, 10:21
192 billion tenge to be allocated for digitalization of trunk canals within 5 years — Magzum Mirzagaliyev
22 December 2020, 10:00
Government considers Plan of Legislative Work for 2021
22 December 2020, 09:50
Government considers issues of using water resources
21 December 2020, 16:17
Government session to be held Dec. 22 in Ukimet Uyi
21 December 2020, 13:17
Askar Mamin launches production of Yutong buses in Saran
21 December 2020, 11:09
Production of Sputnik V vaccine begins in Kazakhstan
20 December 2020, 16:38
From Dec. 25, 2020 to Jan. 5, 2021, restrictive measures to be strengthened in Kazakhstan
20 December 2020, 11:47
Single platform for protection of consumer rights to be launched in Kazakhstan — Ministry of Trade and Integration
19 December 2020, 14:32
Kazakhstan starts vaccination of three thousand volunteers with domestic QazCovid-in vaccine
16 December 2020, 10:48
Prime Minister Askar Mamin congratulates Kazakhstanis on Independence Day
15 December 2020, 19:32
How is heating season carried out and what measures are taken to ensure fire safety — Ministry of Emergency Situations
15 December 2020, 18:58
In 2020, 1,666 new projects implemented under Economy of Simple Things program — Ablay Myrzakhmetov
15 December 2020, 11:41
Output of industries of Economy of Simple Things for three years increased from 8.9 trillion tenge to 10.1 trillion tenge
© 2019 - 2020 Press service of the Prime Minister of the Republic of Kazakhstan.
Developed by SoftDeCo.