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
Latest news
- Two Kazakhstan Refineries Report Separate Incidents in One Day
- Kazakhstan Announces Final Kurultai Election Results
- Minister Denies Kanye West Concert Setup Caused Almaty Blackout
- Camera Trap Captures Wolf Among Kulans in Kazakhstan
- State-Owned Power Plant Borrows to Repay Debt After Paying Executives 350 Million Tenge
- World’s Highest Skating Rink Cuts Parking Fees
- Kazakhstan to Use AI to Predict When Roads Need Repairs
- Kazakhstan Reappoints Heads of National Bank, KNB and Key Legal Institutions
- Kazakhstan’s Cashless Payments Top 500 Billion Tenge a Day
- Tourists Face Penalty for Painting Rock Near Lake Shalkar
- Pavlodar Refinery Delays Maintenance to Avoid Fuel Shortages
- Kazakhstan’s First Kurultai Election: What the Turnout and Exit Polls Show
- “Ask Me Next Year”: Tokayev Declines to Reveal Reelection Plans
- Tokayev Says Kazakhstan’s Vice President Will Be Named Within 10 Days
- Kazakh Uranium Giant Plans Major Sales to China and Russia
- Atyrau Oil Company Fined Nearly 1.5 Billion Tenge for Environmental Violations
- Kazakhstan’s Credit Rating Upgraded for First Time in a Decade
- While Thousands Lost Power, KEGOC Executives Received Nearly Half a Billion Tenge
- Changi Airport Group May Help Build Astana’s New Airport
- US Again Extends Deadline for Lukoil to Sell Its Assets in Kazakhstan
