Government Reaps 21% Surge in Budget Revenue setting the Stage for a High-Flying Finale in 2023

This surge is primarily driven by the positive trajectory of tax revenues, with tax income witnessing a remarkable growth of 22.9%, equating to an absolute increase of 3,089.9 billion tenge.

Breaking down tax revenues, the most significant growth for the first 11 months of 2023 was observed in Value Added Tax (VAT), which increased by 28.3%, contributing an additional 1,163.5 billion tenge. Other notable contributors to the positive trend include Corporate Income Tax (CIT), rising by 21%, and Individual Income Tax (IIT), surging by 33.5%.

However, despite the rise in revenues, the execution of the state budget's income component reached 98.8%. As of December 1, 2023, the income constitutes 90% of the revised budget for the current year. Hence, in the last month of 2023, the state budget is expected to see a 10% increase, equivalent to 2,465.3 billion tenge.

Expenditures from the state budget for the first 11 months of 2023 amounted to 24,244.5 billion tenge, surpassing the previous year's figure by 24.5% or 4,764.2 billion tenge. The substantial increase in budgetary expenses is primarily a result of a 24.4% rise in state budget spending, amounting to 4,522.5 billion tenge.

Despite this, expenditure execution for the state budget for the first 11 months of 2023 stood at 96.5%, and it represents 84.3% of the revised expenditure plan for the entire year. Consequently, it is anticipated that the budgetary expenses for 2023 will be lower than the revised plan.