In September the amount of funds in the national Fund decreased by 133.8 U.S. billion tenge.
Income: documented and undocumented
If at the beginning of September the income of the Fund from the privatization of the Republican property was 14.8 billion tenge, at the end of the first autumn month is nearly 15 billion Claimed in this Fund proceeds from the sale of the shares of Kazatomprom — $128,2 million Thus,
to the national Foundation for this article, there must have been about 50 billion tenge
But most likely, this amount will be included already in the October report.
And yet we see that for September the total volume of the Fund decreased by 0.5% — up to 26 trillion 446,8 billion tenge.
In absolute terms, the loss amounted to 133.8 U.S. billion tenge
And this is considering the fact that the world prices for oil grew significantly after drone attacks on targets in Saudi Arabia.
Costs are rising faster
A major role in the reduction of the Fund played a higher rate of growth of expenditure. So, revenues for September were up 3.6 percent, and expenses increased by 10.1%. In absolute terms — by 238,4 billion tenge.
The main factor behind this growth, expenses were guaranteed transfers. Their volume increased by almost 12% — to 2 trln 588,3 billion tenge. Increased significantly and the costs associated with the management of the national Fund and the annual external audit (29.5 per cent).
For comparison: the income of the main income to the Fund, from direct taxes from the organizations of oil sector (excluding taxes payable to local budgets) increased in September only 5.0%.
Report of the National Foundation on 01.10.19
|№ p/p||Name||The sum, thousand tenge|
|1.||The National Fund (hereinafter the Fund) at the beginning of the reporting period (cash execution), total:||26 062 038 092|
|2.||Income total:||2 973 114 061|
|— direct taxes paid by the organizations of oil sector (excluding taxes payable to local budgets)||2 128 494 352|
|corporate income tax||867 841 982|
|excess profit tax||109 067 021|
|bonuses||6 815 362|
|tax on extraction of mineral resources||244 902 782|
|rent tax on export||294 803 699|
|the share of the Republic of Kazakhstan on production sharing under the concluded contracts||544 403 073|
|Additional payment of subsoil user carrying out activities for the contract on production section, and alternative mining tax from the organizations of oil sector||60 660 433|
|— other income from transactions carried out by the organizations of oil sector (excluding receipts paid to local budgets)||18 122 801|
|administrative fines, penalties, sanctions, penalties imposed by the Central state bodies, their territorial subdivisions on the organizations of oil sector||9 103 254|
|other fines, penalties, sanctions, charges imposed by state institutions financed from the Republican budget to the organizations of oil sector||8 158 742|
|the funds received from the natural resources on claims for damages by the organizations of oil sector||860 553|
|other non-tax revenues from the organizations of oil sector||252|
|— revenues from privatization of Republican property||14 965 688|
|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||164 519|
|— investment income from Fund management||804 744 456|
|— the return of the guaranteed transfer from the national budget|
|— return target transfers from the national budget||315 785|
|— other receipts and income not prohibited by the legislation of the Republic of Kazakhstan||5 358 540|
|3.||Use only:||2 588 314 176|
|— guaranteed transfers||2 206 950 000|
|— target transfers||370 000 000|
|— expenditures related to Fund management and annual external audit||11 364 176|
|4.||The Fund at the end of the reporting period, total:||26 446 837 977|