In accordance with the Prime Minister's instruction to develop new approaches to reforming the budget and tax policy, Deputy Prime Minister - Minister of National Economy Serik Zhumangarin held the first meeting of the Expert Council under the Ministry of National Economy. 

The meeting was attended by Minister of Finance Madi Takiev, Deputy Chairman of the National Bank Akylzhan Baimagambetov, Vice Minister of National Economy Azamat Amrin, and more than 20 experts, including heads of large financial, investment, analytical and consulting organizations, the Council of the Association of Financiers of Kazakhstan, and the National Economic and Social Enterprise "Atameken".

The participants of the meeting discussed measures to increase budget profitability, in particular, a set of new and already proposed measures proposed within the framework of the development of the new Tax Code. The majority of participants agreed with the measures proposed in the new version of the code to eliminate a number of existing tax breaks, increase the corporate income tax (CIT) rate for banks and financial organizations, postpone the introduction of taxation of remuneration on government securities from 2030 to 2026, and revise the taxation of the gaming business. These measures, taken together, are designed to increase the profitability of budget revenues by more than 1 trillion tenge.

However, these measures are not enough to close the gap between expenditures and budget revenues. As noted at the meeting, the burden on the budget is increasing every year, social spending is growing, and the development of the real sector of the economy accounts for less than 10% of budget expenditures. It is impossible to correct the situation without reforms in the tax and budgetary spheres.

The participants of the meeting shared their opinions and proposals on balancing the imbalance between monetary and fiscal policy and increasing the efficiency of the taxation system.

“2025 will not be easy for Kazakhstan. We will have to adopt long-standing reforms that have been postponed in previous years. This is to bring prices to market conditions so that the state can continue to fulfill its social obligations. Unfortunately, now we have to adopt a number of unpopular reforms to correct the situation with taxes, improve their administration, and even revise rates in some cases. Most importantly, we need to do this not to save the National Fund, but to transform the economy into a market economy. The new Tax Code, some of the proposals that we discussed today, will soon become a public good. I invite everyone to express their opinion,” said Rasul Rysmambetov, Chairman of the Board of NAC Analytica LLC (NU). 

“Today we discussed the new Tax Code being prepared by the Ministry of National Economy of the Republic of Kazakhstan. We discussed many of the proposed changes. That is why the Tax Code currently under consideration is, first of all, very important for the future of our country. Of course, there are many proposals to improve tax administration, increase or decrease tax rates. In this regard, we need solutions that will contribute to improving the future of our people. This is where the importance of meetings like today lies,” noted economist Galymzhan Aitkazin.

Source : https://www.gov.kz/memleket/entities/economy/press/news/details/920416