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Tengrinews.kz - The National Fund of Kazakhstan could have ceased to exist by 2036 if the government had not introduced tax reforms, Vice Minister of National Economy Serik Zhumangarin said in an exclusive interview with Tengrinews.kz.
"We could have avoided this reform. We could have left everything as it was and lived like that for another ten years. We would have continued borrowing and withdrawing five trillion tenge from the National Fund annually. But we must understand that the National Fund is our country’s future. For example, under the ‘National Fund for Children’ program, by 2032, we would only be able to pay each child $8. By 2036, the fund would have been depleted at the current spending rate," Zhumangarin stated.
He added that the new tax reform will come into force on January 1, 2026. Until then, the government will hold intensive discussions and consultations with businesses. Zhumangarin stressed that businesses should begin preparing for the upcoming changes.
Read also: What will happen to inflation in Kazakhstan amid VAT decision
