The meeting of the Council was attended by Finance Minister Madi Takiyev, Deputy Chairman of the National Bank Akylzhan Baymagambetov, Vice Minister of National Economy Azamat Amrin, and over 20 experts, including leaders of major financial, investment, analytical, and consulting organizations, as well as representatives from the Kazakhstan Association of Financiers and the NPP "Atameken".
The participants discussed measures to enhance budget revenue. In particular, a set of new and previously proposed measures as part of the development of a new Tax Code. Most participants agreed with the changes proposed in the new version of the code, which include the elimination of several existing tax benefits, an increase in the corporate income tax (CIT) rate for banks and financial organizations, the rescheduling of the taxation of rewards on government securities from 2030 to 2026, and a review of the taxation of the gambling business. These measures aim to increase budget revenue by over 1 trillion tenge.
At the same time, it is noted that these changes are insufficient to cover the existing gap between budget expenditures and revenues, as the annual burden on the budget is increasing, social expenses are rising, while less than 10% of the budget is allocated to the development of the real sector of the economy.
The meeting participants expressed their views and suggestions on balancing the discrepancies between monetary and fiscal policies and improving the efficiency of the taxation system.
"The year 2025 will be challenging for Kazakhstan. We will have to implement long-overdue reforms that have been postponed in previous years. This includes aligning prices to market conditions so that the state can continue to fulfill its social obligations. Unfortunately, we need to adopt a series of unpopular reforms now to rectify the tax situation, improve their administration, and possibly even reconsider the rates. Most importantly, we need to do this not just to preserve the National Fund but to ensure the economy remains market-oriented. The new tax code, part of the proposals we discussed today, will soon be publicly available. I urge everyone to share their opinions," said Rasul Rysmambetov, Chairman of the Board of "KF NAC Analytica" (NU).
According to economist Galymzhan Aitkazin, the Tax Code currently under consideration is crucial for the country's future.
"Of course, there are many proposals, such as improving tax administration, raising or lowering tax rates, etc. In this regard, we need solutions that will contribute to the betterment of our people's future. That is the importance of meetings like today's," he emphasized.
On December 20, 2024, the Committee of State Revenues of the Ministry of Finance of Kazakhstan provided clarifications regarding amendments to the Tax Code.