Kazakhstan not to raise VAT rate - Prime Minister
Kazakhstan will not raise its VAT rate. Prime Minister Olzhas Bektenov said it at his first meeting of the Cabinet today, Kazinform News Agency reports.
He tasked the ministry of national economy and the ministry of finance to ensure quality planning both of the expenditure and revenue components of the national budget.
He stressed the need to improve tax and customs administration, primarily, through digitalization.
Alongside, the Prime Minister pointed out the importance of enhancing financial discipline. He tasked the Cabinet to eliminate nonbeneficial consumption of the budget and improve efficiency of state budget expenditures.
We need to exert every effort to ensure high paces of economic growth, he said and tasked deputy prime ministers to organize clear coordination and control over sectors of economy.
Each minister and governor of the region bears personal responsibility for the achievement of the goals set, he emphasized.
Earlier, the Ministry of National Economy initiated to raise the VAT rate from 12% to 16% beginning from year 2025, which sparked negative reaction of the country’s business community and experts.
Last week, at the Cabinet’s extended session, the President said that raising the VAT from 12% to 16% is not a panacea. The VAT needs to be reformed, he noted.
