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Astana, Kazakhstan • 27 July, 2023 | 11:27
1 min read

Kazakh Government Approves Plan to Counteract Shadow Economy

Proposed measures are expected to reduce shadow turnover in trade to 5% by 2025

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Freepik/pressfoto

The government of Kazakhstan has approved a comprehensive plan by the financial monitoring agency to counteract the shadow economy for 2023-2025, QazMonitor reports citing primeminister.kz.

The plan outlines systemic measures aimed at improving tax and customs administration, ensuring effective competition, appropriate budget allocation, and protecting the population from illegal business, among others. In particular, it is expected that the plan will have an effect on the efficiency of customs inspections, optimization of customs procedures, and the development of additional measures for handling administrative offenses.

According to the proposed measures, the goal is to reduce shadow turnover in wholesale and retail trade to 5% by 2025. In 2022, this indicator amounted to 6.7%. In transportation and warehousing, the government plans to achieve 2.4% (compared to 3.2% in 2022).

The implementation of the plan also aims to reduce informal employment and suppress illegal activities. The share of SMEs in the country's GDP is planned to increase from 36% in 2022 to 37.5% in 2025.

The decree was signed by Prime Minister Alikhan Smailov.

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