Half-Year Tax Revenues to Kazakhstan’s Consolidated Budget Achieve Record-Breaking Growth Over Past Five Years

NUR-SULTAN – Half-year tax revenues to Kazakhstan’s consolidated budget reached a five-year record high, largely driven by high energy prices, according to the review published by the Association of Financiers of Kazakhstan (AFK) on Aug. 3. As a result, the budget surplus reached 1.4 trillion tenge (US$ 2.9 billion).

Tax revenues to the National Fund of Kazakhstan for this half a year exceeded the results for the same period in 2021 more than twice. Photo credit: kapital.kz

Considering the increase in oil prices by 29 percent and the fast economic growth of 3.4 percent (2.2 percent last year), tax revenues for this half-year more than doubled the result for the same period in 2021. Tax revenues to the National Fund of Kazakhstan, which accumulates the nation’s mass oil and gas revenues, rose by 77 percent for the first half of this year.

Financial experts expect the consolidated budget to receive another 7.6 trillion tenge (US$15.9 billion) in taxes by the end of this year.

In the meantime, experts anticipate a 20 percent budget expenditure targeted at improving citizens’ social welfare, ensuring food security, and supporting the manufacturing industry and entrepreneurship.

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