Official Source of the
Prime Minister of the
Republic of Kazakhstan
Close button

SMEs exempted from taxes and social payments until Oct. 1, 2020 — Ministry of National Economy

Thursday, 02 April 2020, 10:13:18

At the Government conference call chaired by Prime Minister Askar Mamin, the Minister of National Economy Ruslan Dalenov reported on the updated macroeconomic forecast for 2020 as part of the socio-economic development forecast for 2020-2024 and the draft Decree of the Head of State on the Adjustment of the Guaranteed Transfer.

According to him, the main factors for updating the forecast are the unstable foreign economic situation, the emerging global recession and a slowdown in business activity against the background of protective measures for containing the coronavirus.

“Since the beginning of the year, oil prices have decreased by 65.7%, for metals by an average of 15.6%, global stock indices have declined by an average of 20.9%. As of April 1, 2020, oil quotes fell to $22 per barrel,” the minister said.

With this in mind, the average oil price for April-December 2020 defined at $20 per barrel. The estimated dollar rate is taken at 440 tenge per dollar and annual inflation in the range of 9-11%.

Amid low prices, the forecast for oil production was reduced by 4 million tons to 86 million tons. This leads to a decrease in mining production. At the same time, a decrease is expected compared to previously approved growth rates in the manufacturing industry, agriculture, construction and the services sector, including trade.

“Export will decrease by $16.3 billion to $35.1 billion. Import will decrease by $7.5 billion to $26.6 billion. Given the above factors, GDP is expected to decline by 0.9%. Nominal GDP is estimated at 69.7 trillion tenge, which is 4.8 trillion tenge lower than the approved forecast,” Dalenov informed.

Based on the adjusted macroeconomic forecast, the forecast of the parameters of the republican budget for 2020 is refined. Revenues of the republican budget excluding transfers in 2020 are estimated at 6,414.1 billion tenge, which is 1,672.3 billion tenge less than the approved plan.

According to the minister of national economy, the main decline is expected in terms of VAT, ETP for crude oil and revenues for the use of natural resources.

The revenue side of the budget takes into account all tax incentive and relaxation measures taken to implement the instructions of the Head of State. A property tax exemption has been established before the end of the year for large shopping facilities, shopping centers, cinemas, theaters, exhibitions and catering facilities, a hotel, hostels, and tourist activities.

“Individual entrepreneurs working in accordance with the generally established taxation procedure are exempted from individual income tax for up to the end of the year,” Dalenov said.

In order to support the agro-industrial complex, agricultural producers will not pay land tax on agricultural lands until the end of the year. The import of biological assets of the agro-industrial complex by the end of the year is also exempted from VAT. At the same time, the VAT rate was reduced from 12% to 8% for socially significant food products for the period from March 30 to Oct. 1.

As the minister emphasized, it is planned to release small and medium-sized businesses for 6 months until Oct. 1, 2020, from taxes and social payments from the wage fund (individual income tax, social tax, compulsory pension contributions, contributions and deductions for compulsory health insurance and social contributions).

This measure covers the sectors of tourism, catering, hotel business, large retail facilities, shopping centers, cinemas, theaters, exhibitions and sports and fitness facilities, trade entities, with the exception of the sale of food and drugstores, transportation services, consulting services and information technology.

In terms of tax administration, until June 1, 2020, a delay has been introduced for SMEs on the payment of all taxes and mandatory payments to the budget and social contributions (PIT, social tax, social and medical insurance for an employee).

In addition, for the period of the state of emergency, tax audits and forced collection of tax, customs and social debt were suspended. In general, all the above measures will cover 700 thousand taxpayers.

Dalenov also noted that in order to cover the expected shortfalls in budget revenues and to finance the anti-crisis package of measures, it is proposed to increase the guaranteed transfer from the National Fund by 2,070 billion tenge to 4,770 billion tenge in 2020.

In general, the republican budget expenditures are projected at 14,270.7 billion tenge with an increase of 1,356.4 billion tenge relative to the approved amount. The deficit is planned at 3.5% of GDP with an increase of 840.7 billion tenge. The level of non-oil deficit will be 10.8% of GDP.

News feed
03 June 2020, 02:14
Increased funding and local content: Low housing construction developed in Kazakhstan
02 June 2020, 11:13
Over 131 thousand students to take part in UNT in 2020 — Ministry of Education and Science
02 June 2020, 10:40
Employment measures planned to reach 1 million 220 thousand people in 2020 — Ministry of Labor
02 June 2020, 10:33
Prime Minister Askar Mamin instructs to ensure high-quality implementation of UNT in compliance with sanitary requirements
02 June 2020, 10:19
Employment is of paramount importance — Askar Mamin
01 June 2020, 18:57
Algorithms for operating tourist facilities developed in Kazakhstan
01 June 2020, 16:27
Government session to be held June 2 in Ukimet Uyi
29 May 2020, 18:15
Prime Minister Askar Mamin: It is necessary to strengthen the factor of self-sufficiency of CIS countries
29 May 2020, 15:56
Interdepartmental Commission decides to remove checkpoints and resume activities of several industries
28 May 2020, 15:12
Two hundred and thirty best specialists in 11 industries work to increase competitiveness of Kazakhstan
28 May 2020, 01:23
Oil production, gas supply and investment attraction — review of energy sector in Kazakhstan
27 May 2020, 11:36
Prime Minister of Kazakhstan Askar Mamin presented Dostyk Order to UAE Ambassador Mohammed Al-Jaber
26 May 2020, 19:52
Intergovernmental Commission considers issues of strengthening quarantine enforcement
26 May 2020, 11:43
Steady growth of 4% maintained in livestock industry — Ministry of Agriculture
26 May 2020, 11:04
In 2020, it is planned to sow crops on area of ​​22.5 million hectares — Ministry of Agriculture
26 May 2020, 10:51
Efforts in livestock development will be aimed at increasing self-sufficiency and exports — Askar Mamin
26 May 2020, 10:18
Kazakhstan has real potential to become one of world’s food hubs — Askar Mamin
25 May 2020, 22:33
Modernization of pharmaceutical industry and production of protective products: How Kazakhstani enterprises developed during emergency state
25 May 2020, 19:39
Interdepartmental Commission decides to resume several types of activities in regions
25 May 2020, 15:01
Government session to be held May 26 in Ukimet Uyi
24 May 2020, 11:00
Video Digest: Main events of the week, No. 62
24 May 2020, 08:38
Prime Minister Askar Mamin congratulated Kazakhstanis on Oraza Ait
23 May 2020, 22:19
Small and medium-sized enterprises, investment, and exports: What Almaty region focused on
23 May 2020, 21:38
Video Digest: Results of Prime Minister Askar Mamin’s working trip to Almaty region
23 May 2020, 17:26
Prime Minister Askar Mamin gets acquainted with state of hydraulic structures and implementation of development programs in Almaty region
22 May 2020, 16:24
Prime Minister Askar Mamin inspects restoration works in Maktaaral district of Turkistan region
21 May 2020, 12:44
Capital should be an example for all regions — Askar Mamin
20 May 2020, 18:00
Roman Sklyar discusses development of bilateral cooperation in engineering with German companies
19 May 2020, 15:22
Since beginning of 2020, 118 thousand people employed under Enbek program — Birzhan Nurymbetov
19 May 2020, 14:08
Ruslan Dalenov: Main goal of implementing Integrated Plan — to ensure employment of people
19 May 2020, 13:53
Each year, state will purchase 365 thousand tons of agricultural products
19 May 2020, 12:36
Who can purchase housing under new program 5-10-20
19 May 2020, 11:49
Integrated plan to help restore economic activity by the end of 2020 — Ruslan Dalenov
19 May 2020, 10:02
Government adopts Integrated Plan for Recovering Economic Growth
19 May 2020, 09:01
Prime Minister Askar Mamin introduces new minister of finance
19 May 2020, 08:25
Roman Sklyar inspects progress of restoration work in Turkistan region
18 May 2020, 21:03
Total supply of socially significant food products in Kazakhstan is 720 thousand tons
18 May 2020, 17:44
Interdepartmental Commission considers epidemiological situation in the country
18 May 2020, 17:03
Government session to be held May 19 in Ukimet Uyi
17 May 2020, 21:09
Fighting against unemployment and improving adjacent villages — how East Kazakhstan region developing today
17 May 2020, 09:39
Video Digest: Main events of the week, No. 61
16 May 2020, 21:33
Video Digest following Prime Minister Askar Mamin’s working trip to East Kazakhstan Region
16 May 2020, 14:36
Prime Minister Askar Mamin inspects development of Semey city and preparations for 175th anniversary of Abay
15 May 2020, 16:22
Prime Minister Askar Mamin inspects progress of spring field work and socio-economic development of East Kazakhstan region
14 May 2020, 22:52
From agriculture to tourism or how Akmola region develops its key industries
14 May 2020, 18:14
Government delegation led by Deputy Prime Minister Yeraly Tugzhanov pays working visit to Atyrau region
14 May 2020, 17:14
Labor market after emergency state: Number of vacancies and resumes increased
14 May 2020, 17:01
Prime Minister Askar Mamin holds board meeting of Baiterek Holding
14 May 2020, 13:25
Prime Minister Askar Mamin inspects progress of sowing in Akmola region
13 May 2020, 17:43
New package of measures to reopen economic sectors
© 2019 - 2020 Press service of the Prime Minister of the Republic of Kazakhstan.
Developed by SoftDeCo.