IMF Supports VAT Increase from 12% to 16% to Enhance Competitiveness in Kazakhstan

• The Kazakh Minister of National Economy met with the IMF mission led by Nicolas Blanchet.
• The IMF supported raising the value-added tax rate (VAT) from 12% to 16% to enhance the competitiveness of local producers.
• Discussions focused on the future economic trajectory of Kazakhstan and proposed reforms in the Budget and Tax Codes.
• Key agenda items included deliberations on VAT increase, individual income tax rates, progressive scale for personal income tax, taxation of luxury goods, and incorporation of IMF recommendations.
• Minister Kuantyrov reported optimistic figures of 6% economic growth and doubling of GDP by 2029 through stimulating investments in fixed capital.
• The IMF expressed readiness to provide technical support for ongoing reforms and commitment to assisting Kazakhstan in achieving economic objectives.
• The IMF mission will conclude on Nov. 21, and a Final Statement summarizing outcomes and agreements will be prepared.
• Collaboration between Kazakhstan and the IMF aims to bolster economic development and implement strategic reforms.

Source: astanatimes.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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