Kazakhstan plans to raise taxes on mining companies and cut fuel subsidies to balance its budget, while borrowing to develop the shipping route between China and Europe bypassing Russia, Economy Minister Alibek Kuantyrov told Reuters.
The government also wants to raise the VAT rate for most sectors from the current 12%, while cutting it for “socially important” ones such as food staples and medicines.
“We are looking at different options, 16, 18, 20%,” Kuantyrov said.
Source: Reuters
