Monday10 February 2025
toshkent24.com

VAT at 20% will not affect all sectors of the economy, according to Zhumangarin.

In Kazakhstan, the value-added tax (VAT) will not be increased to 20% for all sectors of the economy, according to Bizmedia.kz.
Жумангарин сообщил, что НДС в 20% не затронет все сектора экономики.

This was reported by Deputy Prime Minister Serik Zhumangarin while addressing journalists' questions at a recent media meeting.

Zhumangarin explained that many nuances are being discussed within the framework of the tax reform, but the 20% rate will not be universal across all sectors. In particular, the agricultural sector, which plays a significant role, will maintain a zero rate.

According to the Deputy Prime Minister, it is premature to introduce taxation for agricultural production until Kazakhstan's processing industry is fully developed.

He also emphasized that Kazakhstan will need several more years to fully meet its demand for all food products.

He stated that the country still depends on certain processed dairy products, but in the near future, Kazakhstan will be able to fully satisfy the domestic demand for chicken meat.

Speaking about taxation in the food production sector, Zhumangarin noted that the VAT rate in this segment is likely to remain at its current level or even be reduced to 5% to stimulate industry growth.

He also mentioned that the anticipated possible increase in VAT will not affect the pharmaceutical industry. In this sector, the rate is expected to remain at or below 5% according to existing estimates.