Total tax and other payments to the National Oil Fund fell by 41.2% year-on-year to KZT442.765bn in January-April 2016, the lowest since 2007 when the payments totalled KZT371.286bn. The country’s all oil-rich regions, except for Mangistau Region, - Aktobe, Atyrau, West Kazakhstan and Kyzylorda Regions – reduced the payments. The National Fund’s two key contributors – Atyrau and West Kazakhstan Regions – reduced payments by 41.2%. The main reason for this is the significant deterioration of financial indicators of oil and gas enterprises as a result of the negative external situation and a decrease in oil output and exports. It is worth noting that the National Fund’s financial flows has been steadily falling in the first four months of the year since 2013. This year’s four-month payments were down by 64.3% from January-April 2013.

Tellingly, payments to the National Fund fell by 52.4% to KZT1,631bn in 2015, of which KZT567.1 was corporate income tax (down by 56.5%) and KZT459.9bn was mineral extraction tax.

According to estimates by the National Bank of Kazakhstan, the fund’s total assets in dollar terms fell by 13.3% to $63.4bn in 2015.