Actual taxes collected and payments made to the state budget reached KZT2.03tn in January-April, a 40% increase year-on-year. Out of this, KZT1.93tn was taxes, above all, income tax – KZT814bn and taxes on goods and services – KZT587.5bn. Noteworthy, tax collection exceeded the target by 14.9%. Almaty remains the main contributor to the state budget, accounting for 27% of taxes and payments or KZT546.1bn.
Out of total budget revenue, the central budget received KZT1.46tn (50% more than in January-April 2015) and local budgets collected KZT573.2bn (10% up year on year). The central budget’s key contributors were income tax and taxes on goods and services, while those of local budgets were income tax and social tax.
As a result, thanks to the above-the-target collection of taxes and payments and partial fulfilment of a number of expenditure items, actual deficit of the state budget stood at KZT397.6bn as of 1 May 2016 against a target of KZT581bn set in the budget. This made it possible to ease pressure on the country’s reserve assets. For instance, total transfers from the National Oil Fund to stabilise the state budget stood at KZT572bn in the given period (guaranteed transfers were KZT435bn and targeted transfers – KZT137bn), which were significantly lower than a target of KZT813.4bn.