Photo source: Akorda

The measures taken by the Government will increase the volume of receipts to the National Fund and stabilize the growth rate of budget expenditures in the coming years. This was reported by Prime Minister Alikhan Smailov at the enlarged Government session chaired by the Head of State.

According to Alikhan Smailov, the implementation of the pre-election program of the President of the Republic of Kazakhstan, within the framework of which the principles of the new Concept of Public Finance Management till 2030 are being implemented, has been started.

Thus, countercyclical budget rules have been approved which will allow reducing transfers from the National Fund by 1.4 trillion tenge in 2023 and stabilizing the growth rate of budget expenditures.

"A balanced budget is ensured by increasing our own revenue base and concentrating expenditures on the highest priority areas," the Prime Minister stressed.

In addition, he said that the development of the new Budget and Tax Codes had begun, which would simplify the budget process and tax administration and introduce new digital solutions in these areas.

"In general, fiscal policy will be aimed at reducing the non-oil deficit to 5% by 2030, as well as increasing the assets of the National Fund to $100 billion," Alikhan Smailov said.

The Prime Minister added that implementation of the action plan to combat shadow economy continues, within which the legislative framework is improved, work on further digitalization of the customs administration, the creation of a national system of traceability of goods, the development of non-cash payments and improvement of currency control is carried out.

"The measures being taken are yielding results. In particular, for 11 months, by improving the tax and customs administration we provided an additional revenue to the budget of more than 900 billion tenge. Overall, this year we expect the share of the shadow economy to fall to 19% of GDP," Alikhan Smailov said.