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Tengrinews.kz - The Deputy Prime minister and Minister of National Economy, Serik Zhumangarin, identified the biggest problem facing Kazakhstan's economy.
During today's extended government meeting with the Head of State, reforms necessary to improve tax and budget policy indicators were discussed. One of the measures will be an increase in the VAT rate.
"Due to the increase in the VAT rate, businesses will, of course, incur additional costs. The government is ready to compensate for them. First and foremost, we would like to point out that we have one of the highest labor cost burdens. This is where the biggest problem of our economy lies. The burden on the payroll fund that businesses pay is around 40 percent. And this affects the cost price of goods," said Serik Zhumangarin.
According to the official, this leads to high production costs, making the products themselves uncompetitive. In the event of an increase in the VAT rate to the planned level, the government is ready to significantly reduce the burden on the payroll fund by eliminating the social tax and mandatory employer pension contributions.
"These expenses can be covered by the budget. We understand that the social tax is the main source of income for local budgets. We are exploring options for reallocating other types of taxes from the national to local budgets. We are ready to compensate them for this. Future revenues will allow us to do so," the Vice Prime Minister added.
As a result, according to him, there will be a rebalancing of Kazakhstan's tax system, and the economy of enterprises will return to a normal course.
