Kazakhstan’s budget revenues exceed Q1 2026 target
Kazakhstan’s state budget revenues, excluding transfers, reached 6.4 trillion tenge in the first quarter of 2026, surpassing the plan by 4.3%, Finance Minister Madi Takiyev said it at a Government meeting today, Qazinform News Agency reports.
Compared to the same period last year, revenues grew by 931 billion tenge, or nearly 17%. The republican budget collected 4.2 trillion tenge (102% of plan), while local budgets brought in 2.3 trillion tenge, exceeding the target by 193 billion.
Tax revenues rose 20% year-on-year, adding more than 1 trillion tenge. VAT on imported goods increased by 165 billion, with about 80 billion attributed to the higher VAT rate.
Takiyev noted that external macroeconomic factors significantly influenced budget performance. “Escalation of the Middle East conflict heightened volatility in global oil markets, with average oil prices at $80.6 per barrel," he said.
While most oil-related revenues are directed to the National Fund, the republican budget benefited from an additional 40.5 billion tenge in export customs duties, he added.
A stronger tenge, however, constrained revenues. The average exchange rate stood at 497.7 tenge per dollar, below the forecast 540, reducing revenues by about 146 billion.
Improved tax and customs administration also contributed an extra 137.6 billion tenge.
