BREADWINNERS OF THE STATE BUDGET: 50 LARGEST TAXPAYERS IN KAZAKHSTAN | FinReview
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10 November 2020

BREADWINNERS OF THE STATE BUDGET: 50 LARGEST TAXPAYERS IN KAZAKHSTAN

In the first nine months of 2020, fifty major taxpayers paid taxes in the amount of 2.9 trillion tenge. This is exactly 50% of the total tax revenues to the budget.

As you know, taxes have always been the main source of income for the budget of any country. But in 2020, due to quarantine measures, many enterprises suspended their activities, and consequently, tax revenues also decreased.

Analysts FinReview.info we studied the state budget revenues and made a rating of the 50 largest taxpayers in Kazakhstan.

Tax revenues decreased by 10.3%

In Kazakhstan, many tax breaks were introduced this year, which partly stimulated the development of small and medium-sized businesses during the pandemic. In particular, until October 1, SMEs were exempt from taxes and social payments from the payroll Fund.

These measures, in addition to the downturn in business activity, reduced tax revenues by 10.3%. For the first nine months of 2020, the state budget in total was replenished by 5.8 trillion tenge, which is 664 billion tenge less than in 2019.

Traditionally, the main amount to the budget was brought by companies engaged in the production of oil and associated gas, they are located on 19 of the 50 lines of our rating. In the first nine months of 2020, the oil and gas sector accounted for 61% of all payments to the fifty largest taxpayers, or 1.8 trillion tenge. Compared to the previous period, the amount of taxes paid by these companies decreased by a record 49%.

The oil sector is followed by metallurgists, whose share in the total tax revenue amounted to 10.8% or 318.8 billion tenge.

Next in the ranking is the tobacco industry, which involves the three largest representatives. They collectively paid 221.9 billion tenge in taxes.

Closes the four largest industries in terms of tax payments to companies in the mining industry and quarry development, which replenished the budget by 139.7 billion tenge. The rating also includes representatives of the oil refining industry, telecommunications, banking, logistics, alcohol production, and engineering.