No room for error – President on new tax reform

Head of State Kassym-Jomart Tokayev backed the Government’s proposition to raise value-added tax rate, Kazinform News Agency reports.

No room for error – President on new tax reform
Photo credit: Akorda

“There can be no room for error. So, do get on with it! I confirm, that we need a reform. Now, our goal is to reduce the number of transfers from the National Fund, and enhance its savings function. The accumulated funds should be directed to financing major infrastructure projects. This will enable us to strengthen the state’s development function. Nevertheless, I believe that this issue should be explored more,” the President said.

Kassym-Jomart Tokayev highlighted the need to clarify the tax reform, namely, social tax payments, to the society.

“I approve this reform. However, the issue needs to be discussed and explored. The Majilis is currently considering the new draft Tax Code,” he said.

Earlier, in Astana, President Kassym-Jomart Tokayev chaired an extended meeting of the Government.

Addressing the meeting, Prime Minister Olzhas Bektenov proposed to increase VAT rate. The Government also proposed to reduce VAT thresholds from 78 million tenge to 15 million tenge.

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