Thursday, April 18, 2024
Thursday, April 18, 2024
Home » Kazakh Government Approves Action Plan to Combat Shadow Economy

Kazakh Government Approves Action Plan to Combat Shadow Economy

by Paul Williamson
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Prime Minister Alikhan Smailov signed a decree on approval of the comprehensive action plan to combat the shadow economy for 2023-2025, the Prime Minister’s press service reported on July 26.

By 2025, Kazakhstan plans to reduce the shadow turnover in wholesale and retail trade to 5%, which stood at 6.7% last year. The government intends to bring this figure in transport and warehousing to 2.4% from 3.2% recorded in 2022.

The plan, drawn by Kazakhstan’s Financial Monitoring Agency and government stakeholders, includes systemic measures to improve tax and customs administration, ensure effective competition and budget distribution, and protect the population from illegal businesses.

These actions will make customs inspections more effective, optimize customs procedures and develop additional measures for administrative offenses.

The plan compiled as part of the President’s election program provides for reducing informal employment and suppressing illegal activities. Kazakhstan is set to increase the share of small and medium-sized businesses in the GDP from 36% in 2022 to 37.5% in 2025.

Source: Astana Times

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