State budget revenues up 16%: results of new Tax Code

State budget revenues increased by nearly 16% in the first half of the year compared to the same period last year, reports the website infohub.kz.

The government has presented the initial results of implementing the new Tax Code. The main driver of growth was value-added tax (VAT) revenues, which rose by almost 1.5 times. A key outcome of bringing businesses out of the shadows was the increase in the number of VAT payers to 158,000 entities.

According to the cabinet of ministers, the new Tax Code directly reduces the financial burden on ordinary citizens. For passenger cars older than 10 years, the tax has been reduced by 30%, and for cars older than 20 years, by 50%. Pension payments from the Unified Accumulative Pension Fund (UAPF) are now fully exempt from personal income tax. A progressive personal income tax scale has been introduced for high-income individuals.