Economics

Shadow economy in Kazakhstan decreased by almost a quarter of GDP

Photo: ruftv.ru
First Vice Minister of Finance of the Republic of Kazakhstan Berik Sholpankulov at a Government meeting spoke about the tasks to reduce the level of the shadow economy in Kazakhstan, Kazpravda.kz reports.

"The RK Strategic Development Plan until 2025 provides an indicator to reduce the share of the shadow economy in GDP by 20% by 2025. To achieve the objectives, the Government is implementing an Action Plan to counteract the shadow economy for 2019-2021," Sholpankulov said.

According to him, the main directions of the Plan are: digitalization of tax and customs administration; development of cashless payments; countering the legalization of proceeds of crime; improvement of legislation.

“In accordance with the measures taken under the plan, it was possible to achieve a reduction in the shadow economy to 23.62% of last year’s GDP. The task was completed ahead of schedule. The largest decline was observed in trade, by 10.7%. In general, its level in industries was: “Transport and warehousing" - 17%, "Agriculture, forestry and fisheries" - 9.7%, "Construction" - 8.3%, "Industry" - 6.5% of the total share of the shadow economy," summed up Sholpanankulov.
Author:
Zhanat Tukpiev
12:57, 30 June 2020
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