План по доходам госбюджета исполнен, инфляция снижается шестой месяц подряд

{ "Title": "Kazakhstan's Budget Revenue Exceeds Plan as Inflation Declines for Sixth Month", "text": "

Kazakhstan's state budget revenue has surpassed its target for the first quarter of 2026, while inflation continues to slow down. This positive economic trend is largely attributed to the economy absorbing a short-term price surge caused by a VAT rate change by the end of 2025 and early 2026.

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According to operational data, state budget revenue execution for Q1 2026 (excluding transfers) reached 104.4% of the plan. With a target of 6,176.2 billion tenge, actual receipts amounted to 6,444.9 billion tenge, exceeding the plan by 268.7 billion tenge.

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Compared to the same period in 2025, state budget revenues grew by 930.6 billion tenge, or 16.9%. Both republican and local budgets exceeded their revenue plans.

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The republican budget was executed at 101.8%, with receipts of 4,159.4 billion tenge against a plan of 4,085.6 billion tenge—a year-on-year increase of 26.1% (+861.8 billion tenge). This growth is driven by higher global prices for Kazakhstan's key export commodities, increased volumes of goods and services sales recorded in the electronic invoice system in Q4 2025, and improved tax and customs administration.

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Tax revenues, which constitute the main part (98%) of republican budget income, were executed at 101.6%. Receipts totaled 4,077.6 billion tenge against a plan of 4,012.8 billion tenge—a year-on-year increase of 31.5%. It is noted that Q1 included the payment deadline for VAT accrued in Q4 2025 (by February 25), calculated at a rate of 12%.

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Significant year-on-year growth was recorded in major taxes: Corporate Income Tax (+16.9%), VAT on imported goods (calculated at 16%) (+24.2%), and Mineral Extraction Tax (+35.7%).

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Local budget revenues were executed at an even higher rate of 109.3%, with receipts reaching 2,285.5 billion tenge against a plan of 2,090.6 billion tenge—a year-on-year increase of 3.1%. Since the beginning of the year, 392 thousand individuals have registered under the special tax regime for self-employed persons, while the number of VAT payers has increased by 10 thousand entities.

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A steady disinflation trend continued through Q1.
The inflation rate slowed to b/b/b/b/b/0.6% in March compared to -1.0–1.1% in January–February.
The decline marks six consecutive months since peaking at -12.9% in September -2025. By March -2026, inflation had decelerated to -11.0%. According to forecasts from the Ministry of National Economy (MNÉ) there remains a high probability that inflation will reach single digits by early -2027."