Kazakhstan Finance Ministry expects overfulfillment of target on import VAT in 2012 24 октября 2012, 11:58
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Kazakhstan Finance Minister Bolat ZHamishev. Photo courtesy of flickr.com
Kazakhstan Finance Ministry expects overfulfillment of the target on import VAT in 2012, Tengrinews.kz reports citing Kazakhstan Finance Minister Bolat Zhamishev as saying at the government meeting.
“The total of 514.8 billion tenge ($3.4 billion) were received in VAT payments on imported goods in 9 months of 2012, which is 1.3 billion tenge ($8.7 million) over the target. In the end of the year we expect the plan to be over-fulfilled on import VAT by 17.3 billion tenge ($115 million) and on international trade taxes by 15.6 billion tenge ($104 million) because of a surge of import,” Zhamishev said.
According to him, the import growth made 25.1 percent compared to the same period last year versus 15.6 percent expected in the budget calculations. VAT incomes from locally produced goods are currently lowering. This is related to the growth of VAT return from the budget. Compared to the gross returns in the same period last year, the growth made 168.6 percent.
Growth of the VAT return is relation to the regulation agreement signed by Kazakhstan government, Oil and Gas Ministry and participants of Kashagan project (Agip NCOC) on May 21, 2012. According to the document, VAT in amount of 100.7 billion tenge ($671 million) for the period from 2009 to the 3rd quarter of 2011 will be returned. The total amount to be returned stands at 191 billion tenge ($1.3 billion). The returns will be made in line with the schedule provided in the agreement. The growth of VAT returns is also related to increase of VAT returns to the companies under state monitoring by 28 billion tenge ($187 million).
According to Kazakhstan's Finance Minister, the state budget received 4.6 trillion tenge ($30.5 billion) in 9 months of 2012, which is 95.5 percent of the target amount. According to him, the state budget is missing 279.3 billion tenge ($1.9 billion) in taxes, mainly because of non-performance of the plan on corporate income tax (77.7 percent), VAT for locally-produced goods (67.1 percent) and duties for use of natural resources (88.5 percent).
Non-tax incomes are overfulfilled by 29.8 billion tenge ($139 million) thanks to fines and incomes from sales of confiscated property under court rulings.
By Aidana Ussupova