Kazakhstan сonsiders сutting tax breaks by 800 billion tenge to stabilize state financesThe Kazakh government is discussing a reduction in tax incentives worth 800 billion tenge (approximately $1.6 billion) as part of efforts to address the state budget deficit, according to Vice Minister of National Economy Arman Kasenov.The proposed cuts are part of the ongoing discussions on the new Tax Code, which is currently under review in the parliament."This measure—reducing tax benefits—is indeed planned and will contribute to stabilizing public finances. The figures are still being adjusted as discussions progress. The latest estimate I heard suggests the optimization will total around 800 billion tenge, which is a substantial amount," Kasenov said during a government briefing.Kasenov emphasized that the measure aims to normalize state finances and ensure that tax benefits are more targeted and effective. "This optimization is necessary, and tax breaks should be precise and justified where they are truly needed," he stated during a government briefing.The new Tax Code also proposes raising the standard VAT rate from 12% to 16%. However, certain sectors, such as agriculture, pharmaceuticals, medical companies, and producers of socially essential food products, would retain or receive reduced VAT rates. For instance, agricultural enterprises would be exempt from VAT, while pharmaceutical and medical companies would benefit from a preferential 10% rate. (ICE ALMATY)

Fonte notizia: INTERFAX