The actual collection of taxes and payments to Kazakhstan’s state budget totalled KZT2,659.4bn in January-May, a 40% rise on the same period of last year (KZT1,865.9bn). Almaty remained the leader among regions in terms of budget contributions (KZT694.9bn).
In the given period the bulk of the state budget’s revenue came from taxes – KZT2,463.3bn, which, in turn, were made up of income tax – KZT935.1bn and domestic taxes on goods, works and services – KZT841.2bn. Moreover, gross tax collection exceeded the target by 18.9% in January-May 2016.
The budget revenue was distributed as follows: the central budget received KZT1,902.7bn (60% up from January-May 2015) and local budgets got KZT756.6bn (10% more). The central budget revenue was mostly made up of income tax and domestic taxes on goods, works and services, while local budgets were replenished by income and social taxes.
Total budget deficit stood at KZT271.5bn, lower than the target thanks to the higher collection of taxes and other payments and lower-than-expected budget spending. The deficit was 50% lower the target set in the 2016 revised budget. As a result, transfers from the National Bank for stabilising the budget were underused: only 68.2% of the transfers or KZT822bn (guaranteed transfers worth KZT615bn and targeted transfers worth KZT207bn) were used.