Republican Budget Misses Revenue Target by Over 600 Billion Tenge
Photo: Dall-E, illustrative purposes
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.
“The plan was not fulfilled by 608.6 billion tenge,” said Madi Takiyev.
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.
“In five months, VAT refunds already amount to 673 billion tenge,” the Minister concluded.
Original Author: Zhadra Zhulmukhametova
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