Non-oil revenue to reach 4.5tn in 2017 – Kazakh Finance Minister

ASTANA. KAZINFORM Minister of Finance of the Republic of Kazakhstan Bakhyt Sultanov told about the treasury revenues expected for 2017 on Tuesday, Kazinform correspondent reports.

"The updated amount of the budget revenue for 2017 will be KZT9,691.5 billion, or 18.7% of GDP. Of which the non-oil revenue is KZT4,497 billion with KZT77.9 billion above the target and the oil revenue is KZT5,194 billion with KZT14.9 billion below the target," the head of the Ministry of Finance reported at the Government meeting.

According to him, as a result of positive macroeconomic trends, the target for the budget revenue side was exceeded by KZT60.8 billion. In addition, the total increase in revenues will be equal to KZT195.3 billion.

"KZT134.5 billion of this amount will be allocated for VAT refund to be received by the exporting enterprises. Besides, as the revenue performance was above the target, it is proposed to reduce the budget deficit by KZT47.9 billion, down to 2.9% of GDP, which is in line with the guidelines adopted within the framework of the Economic Union," Sultanov added.