Republican Budget Misses Revenue Target by Over 600 Billion Tenge

The republican budget fell short by over 600 billion tenge in 2024. Finance Minister Madi Takiyev addressed the issue during a plenary session of the Majilis, Orda.kz reports.

According to Takiyev, the annual revenue plan was fulfilled by 97.2%, with 19.6 trillion tenge entering the state budget.

He explained that several factors contributed to the shortfall:

• A decline in income from major enterprises due to reduced production, deliveries, and rising logistics costs amid the geopolitical situation. For 188 large enterprises, losses totaled 1.4 trillion tenge
  
• A record VAT refund of 1.216 trillion tenge, three times higher than in 2023
  
• Continued volatility in the prices of key export metals
  
• A $2 billion decrease in imports from third countries

Takiyev noted that a similar level of VAT refunds is expected by the end of this year.

Original Author: Zhadra Zhulmukhametova