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Kazakhstan Told To Devise Medium-Term Tax Plan

by Lorys Charalambous, Tax-News.com, Cyprus

07 August 2015


Kazakhstan needs to implement credible medium-term fiscal consolidation measures, including to offset the impact of its recently approved accession to the World Trade Organization, according to a new report from the International Monetary Fund (IMF).

The Fund said in its 2015 Article IV consultation report for Kazakhstan that there is scope to strengthen the enforcement of tax collections. It also said that the Government could reduce tax exemptions, including in the special economic zones, and make income tax rates more progressive.

Kazakhstan's revenue from trade tariffs is to fall as a result of its membership to the World Trade Organization, which will be completed by the end of August. Under its membership terms, Kazakhstan has undertaken tariff concessions and commitments that bind tariff rates for all products on average at 6.1 percent. For agricultural products, this average is 7.6 percent while for non-agricultural products the average is 5.9 percent. The country has also committed to join the Information Technology Agreement (ITA) upon accession, a WTO plurilateral agreement that commits its participants to completely eliminate duties on the IT products covered by the ITA Agreement.

The country's overall fiscal surplus declined from five percent of gross domestic product (GDP) in 2013 to 1.7 percent of GDP in 2014, the IMF said.

TAGS: compliance | tax | economics | tax compliance | tax incentives | fiscal policy | gross domestic product (GDP) | International Monetary Fund (IMF) | enforcement | tax rates | Kazakhstan | tax breaks | tax reform | individual income tax

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