The Ministry of National Economy of Kazakhstan plans to raise VAT from the current 12% to up to 20%, according to Minister Serik Zhumangarin. Speaking at a press briefing following a cabinet meeting, he acknowledged that the increase would impact prices but assured that the government is taking measures to mitigate its effects.
«We have not yet decided whether the new VAT rate will be 16% or 20%. Naturally, this will have consequences. Our calculations indicate that the increase will add an average 4% cost burden per entity, which will inevitably be passed on to consumers...