Economics

About one third of Kazakhstan's GDP is in the shadow – Tokayev

Photo: Kazpravda.kz/Adilbek Tauekelov
About a third of Kazakhstan's GDP is in the shadow, so it is necessary to reorient the activities of the economic investigation service of the Finance Ministry to fight the shadow economy. Such an order was given by the Head of State, Kassym-Jomart Tokayev, speaking with a message to the people at a joint meeting of the Houses of Parliament, Kazpravda.kz correspondent reports.

"The norms of international taxation require special attention. They should maximally stimulate the inflow of foreign investment and the reinvestment of profits in Kazakhstan. At the same time, reliable control over transfer pricing and the withdrawal of capital from the country is needed. According to expert estimates, about a third of GDP is in the shadow. This is a huge potential to increase budget revenues," Tokayev said.

According to the President, digitalization of the tax and customs spheres will seriously help in the fight against the shadow economy in all its manifestations.

"Corruption is fueled by the shadow economy. Therefore, I am instructing to reorient the activities of the economic investigation service of the Ministry of Finance to fight against the shadow economy. A new budgetary policy is to be developed. Only priority areas and projects should be financed," Tokayev said.

The Head of State stressed that the period of monetary excesses is over.

"It is necessary to develop a set of key budget coefficients and rules. To form a complete picture, it is necessary to introduce the so-called extended budget, which, in addition to the state budget, should take into account the finances of extra-budgetary funds," the President of the Republic of Kazakhstan concluded.
Author:
Ekaterina Eliseyeva
14:33, 1 September 2020
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