NUR-SULTAN (TCA) — Kazakhstan has set the goal of bringing the level of the shadow economy to below 20% of GDP by 2025. As a result of the measures taken, the share of the unobservable economy in Kazakhstan decreased from 27% to 23.62% of GDP at the end of 2019. This was said at the government conference call on June 30 chaired by Prime Minister Askar Mamin, which reviewed measures to reduce the shadow economy in the country, primeminister.kz reported.
It was said at the meeting that constant work is underway in Kazakhstan to improve the legislative framework by encouraging the involvement of unobservable activities in the legal turnover, and improving customs and tax administration. For the convenience of business and ensuring the transparency of the movement of goods from import or production to retail, complex information systems ASTANA-1, Electronic Invoices with the Virtual Warehouse and Marking modules are implemented. To reduce the number of inspections, contacts with business, as well as to eliminate the human factor in the appointment of inspections, the IS Risk Management System was launched.
The head of government instructed to make proposals to eliminate illegal export-import currency transactions, to continue work on improving the digitalization of services, further integrating information systems, traceability of goods in the territory of Kazakhstan, as well as consider the possibility of making changes and additions to the current legislation on payments and payment systems aimed at mandatory identification of owners of electronic money.
The prime minister instructed to continue work on economic incentives for businesses to leave the shadow sector by improving state support measures, reducing excessive requirements, increasing the availability of financing, reducing administrative barriers, and establishing clearly administered taxation.
“Running a business openly should be economically viable,” Mamin said.