WNAM REPORT: Kazakh leader Kassym-Jomart Tokayev called for further work, as the country plans to raise the VAT rate to up to 20% from the current 12%.
Any changes require a comprehensive analysis and well-through-out strategy. It’s necessary to explore different options, taking into account specifics of economy sectors… The VAT rate needs to be flexible and the government should agree to raise value-added tax based on accurate calculations, considering views of qualified experts, entrepreneurs and deputies, said the Kazakh President during a meeting with representatives of domestic business.
As Tokayev said, the VAT rate increase proposed by the government is high indeed, causing overreactions, which according to him, got extreme at times. The President said that this was the preliminary proposal, which requires further discussion.
According to the Head of State, the decision regarding the VAT raise needs to be adopted this year.
The State needs optimal solutions, which, on one side, ensure favorable conditions and do not create obstacles to business, and, on the other side, enable to restore order in the tax sphere and ensure growth in budget revenues, added the President.
