This year, government budget revenues have been executed at 90%. This was announced today during a government meeting that reviewed the results of social and economic development for January-November 2024 by Deputy Minister of Finance Yerzhan Birzhanov, as reported by a correspondent from the Kapital.kz business information center.
“The results for the 11 months of the financial year are characterized by the following indicators. The state budget, excluding transfers, received 19 trillion tenge, which means 90% of the plan (21,132 billion tenge) has been fulfilled. Specifically, the republican budget received 11.8 trillion tenge, or 82% of the plan (14.5 trillion tenge). The shortfall in the plan is linked to a decrease in tax revenues, which have been executed at 76% (plan – 14.3 trillion tenge, actual – 10.8 trillion tenge, shortfall – 3.5 trillion tenge),” he noted.
The main reasons for the shortfall in the plan are:
- a 6.4% decrease in the volume of imports from three countries over 10 months compared to the same period last year, which amounts to a reduction of 2.3 billion dollars;
- a decline in prices for key export metals, which in turn affected the reduction of advance payments from 602 major taxpayers (45.4% of 1,327 corporate income taxpayers in the Republic of Belarus) by 26.7% or 267 billion tenge.
“The increase in VAT refunds amounted to 981 billion tenge, which is 2.5 times higher than the same period last year (an increase of 590 billion tenge). Nevertheless, the shortfall in taxes is being compensated by an increase in non-tax payments by 1 trillion tenge,” the deputy minister added.
Local budget revenues have been executed at 108%, totaling 7.2 trillion tenge. The plan has been exceeded by 525 billion tenge (of which 460 billion tenge is from taxes).
“Compared to the same period last year, revenues increased by 26.5%, or by 1.5 trillion tenge. State budget expenditures have been executed at 94%, republican budget at 96%, and local budgets at 92%. For the republican budget, expenditures amounted to 20.8 trillion tenge, with a priority on maintaining social focus,” he clarified.
The state has fulfilled its main social obligations:
- pensions and benefits amounting to 5.2 trillion tenge;
- subsidies to regions – 4.8 trillion tenge;
- targeted contributions to the Mandatory Health Insurance Fund – 1.6 trillion tenge.
“Local budget expenditures amounted to 13 trillion tenge. The main share of expenditures was for the social sphere – 6.6 trillion tenge (51%); for housing and communal services – 1.9 trillion tenge (14.6%); for transport and communications – 1.2 trillion tenge (9.3%); for agriculture – 750 billion tenge (5.7%),” emphasized the deputy minister of finance.
One important component of budget execution is the public procurement process. The volume of public procurement amounted to 8.8 trillion tenge. During the reporting period, budget optimization through savings in public procurement amounted to 840 billion tenge.
“In addition, 1,460 audit activities were conducted, involving 6.9 trillion tenge of budget funds. Financial violations were identified amounting to approximately 271 billion tenge, with violations rectified amounting to 221 billion tenge,” he concluded.