Government of Kazakhstan adopts a Comprehensive Plan to Combat Shadow Economy for 2023-2025
The Kazakh government has approved an Comprehensive Action Plan developed by the Financial Monitoring Agency of the Republic of Kazakhstan together with government agencies to counter the shadow economy in the country during the period from 2023 to 2025, El.kz reports.
The plan includes a number of systemic measures aimed at improving tax and customs administration, ensuring effective competition and rational allocation of budget funds, as well as protecting the population from illegal operations.
Among the key measures provided by the Comprehensive Plan
- Improving the efficiency of customs inspections and optimizing customs procedures.
- Introduction of additional measures for administrative offenses.
- Reduction of shadow turnover in wholesale and retail trade to 5% by 2025 (in 2022 this figure was 6.7%).
- Reduction of shadow turnover in the field of transport and warehousing to 2.4% by 2025 (compared to 3.2% in 2022).
- Reduction of informal employment and suppression of illegal activities.
- Increasing the share of small and medium-sized businesses in the country's GDP from 36% in 2022 to 37.5% by 2025.
The comprehensive plan was developed as part of the implementation of the election program of the President of the Republic of Kazakhstan and seeks to ensure the sustainable development of the country's economy, strengthen budget discipline and promote the development of an honest and transparent business environment.
It is expected that the implementation of this ambitious plan will bring significant positive changes in the economic sphere of Kazakhstan in the coming years.
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