The national Fund is growing due to privatization — oil revenues and investments fall

tenge 55 600x400 - The national Fund is growing due to privatization — oil revenues and investments fall

According to the Finance Ministry, in 2019 the funds of the national Fund increased by 3.7%, or 978,5 billion tenge. As a result, the amount of savings at year-end amounted to 27 trillion 40.5 billion

It should be noted that the data on the beginning of 2019 are presented including investment income, received for the whole of 2018. Whereas on January 1, 2020 they account for income from investments for 9 months of 2019. Therefore it is more correct to compare the current data with the corresponding from information.

Then it turns out that

in annual terms, the Fund rose by 6.5%, or $ 1 trillion 654,1 billion tenge

However, the magnitude of investment income for the first 9 months fell by more than a third of 36.2%. Decreased and revenues from the main source of oil “potbelly” — direct taxes from oil sector organizations (except for taxes payable to local budgets). In this article, over the year developed a decline of 11.4%. But more than half , significantly increased other income from these organizations.

Income and expenses

Pretty well, 30.3%, increased during the year and the proceeds from privatization of Republican property. There was also a new source of revenue from transfer to the competitive environment assets of national managing holdings, national holdings, national companies and their subsidiaries, affiliates and other legal entities affiliated with them, which brought 0.9 billion tenge.

A significant increase — 5.8 billion — has brought additional revenue and income to the Fund, whereas last year in this column means zero. But decreased by 15.3% (0.2 billion) proceeds from the sale of agricultural land, especially on the refund of the targeted transfer from the national budget is 26.5 times (up to 0.3 billion tenge).

Expenditures from the Fund in annual terms grew much faster than revenues it — on 17,8% (up to 3 trillion 84,0 billion tenge), in absolute terms – on 466 billion tenge.

The volume of guaranteed transfers to the Republican budget increased only by 3.8% — up to 2 trillion 700,0 billion, whereas the increase came here at target transfers. Their volume last year amounted to 370 billion tenge, while in 2018 – zero.

Report on receipts and use of the national Fund of Kazakhstan on January 1, 2020

p/p

Name

The sum, thousand tenge

1

2

3

1.

The National Fund (hereinafter the Fund) at the beginning of the reporting period (cash execution), total:

26 062 038 092

2.

Income total:

4 062 481 650

including:

— direct taxes paid by the organizations of oil sector (excluding taxes payable to local budgets)

206 2 837 845

including:

corporate income tax

1 243 162 337

excess profit tax

109 637 970

bonuses

7 153 696

tax on extraction of mineral resources

339 530 086

rent tax on export

431 167 645

the share of the Republic of Kazakhstan on production sharing under the concluded contracts

644 077 416

Additional payment of subsoil user carrying out activities for the contract on production section, and alternative mining tax from the organizations of oil sector

62 477 695

— other income from transactions carried out by the organizations of oil sector (excluding receipts paid to local budgets)

21 986 493

including:

administrative fines, penalties, sanctions, penalties imposed by the Central state bodies, their territorial subdivisions on the organizations of oil sector

7 418 131

other fines, penalties, sanctions, charges imposed by state institutions financed from the Republican budget to the organizations of oil sector

11 564 936

the funds received from the natural resources on claims for damages by the organizations of oil sector

3 002 921

other non-tax revenues from the organizations of oil sector

505

— revenues from privatization of Republican property

16 928 307

the income from the transfer to the competitive environment assets of national managing holdings, national holdings, national companies and their subsidiaries, affiliates and other legal entities affiliated with them, in the manner and according to the list determined by the Government of the Republic of Kazakhstan

947 920

— proceeds from the sale of agricultural land

222 503

— investment income from Fund management*

179 1 047 511

— the return of the guaranteed transfer from the national budget

— return target transfers from the national budget

319 577

— other receipts and income not prohibited by the legislation of the Republic of Kazakhstan

5 494 822

3.

Use only:

083 3 987 307

including:

— guaranteed transfers

2 700 000 000

— target transfers

370 000 000

— expenditures related to Fund management and annual external audit

13 987 307

4.

The Fund at the end of the reporting period, total:

27 040 532 435

According to the national Bank

In the financial statements of the Bank information on the National Fund of over buying, as detailed information will be published in the annual report. So far, from preliminary information it is known that in dollar terms the money of the Fund in the past year grew 6.8% to $61 billion 941 million, in absolute terms – $3 billion 953 million

Assets of the National Fund of Kazakhstan, at the end of the period

Volume, million USD

Change to previous month, %

Change YTD, %

12.2018

57 988

2,18

-0,59

01.2019

59 467

2,55

2,55

02.2019

60 448

1,65

4,24

03.2019

60 531

0,14

4,39

04.2019

60 942

0,68

5,10

05.2019

59 681

-2,07

Of 2.92

06.2019

59 938

0,43

3,36

07.2019

59 864

-0,12

3,24

08.2019

59 547

-0,53

2,69

09.2019

59 336

-0,29

2,32

10.2019

59 891

0,94

3,28

11.2019

60 457

0,94

4,26

12.2019

61 941

2,45

6,82

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