Kazakhstan plans to raise taxes on mining companies and cut fuel subsidies to balance its budget, while borrowing to develop the shipping route between China and Europe bypassing Russia, Economy Minister Alibek Kuantyrov told Reuters.
The government also wants to raise the VAT rate for most sectors from the current 12%, while cutting it for “socially important” ones such as food staples and medicines.
“We are looking at different options, 16, 18, 20%,” Kuantyrov said.
Source: Reuters
Latest Posts in "Kazakhstan"
- Rules Developed for VAT Excess Refund in Kazakhstan
- FINTUA Global VAT Guide for September 2025
- Rules for VAT Control on Exhibition and Fair Trade Approved by Kazakhstan’s Finance Ministry
- VAT Guidance for Kazakh Businesses Using ChatGPT: Compliance and Cost-Reduction Tips
- Kazakhstan’s 2026 Budget to Gain KZT3.7 Trillion from VAT Rate Increase, Says Deputy Minister