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President tells Government to apply blockchain

9 February 2018 12:46 1750
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President tells Government to apply blockchain

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev pointed out the special role of tax collection system using blockchain technology, Kazinform reports.    

"Astana-1 is very important. To reduce time from 1,5 hours to 5 minutes will be a better result than that of the OECD. We should use blockchain in this to ensure efficient control. 15-25% fiscal performance is important for the Finance Ministry", said President Nursultan Nazarbayev during the enlarged session of the Government.

Finance Minister Bakhyt Sultanov informed that in August 2018 there will be presented the prototype of the new VAT collection system using blockchain technology.

"Together with the World Bank we are developing goods tracking information system, it will allow to close the complete chain of monitoring to the value added chain from the border (manufacturer) to the end user", the Minister said.

The Finance Ministry reported that in 2017 it managed to cease the tendency of decline in tax revenues in respect of the GDP. "In 2016 it dropped by 15.2%, and in 2017 it exceeded 16%  against  planned 15.8%.  State revenue agency has the task to increase the consolidated budget revenues against GDP level  by 25% before 2025. In 2018 we should reach 17%.  Further growth of tax collection rate will be ensured due to digitalization of the tax and customs administration. Once these goals are reached, we will be having additional tax and customs revenues to the amount of KZT 6.5 trillion by 2025", said the Minister.




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