Oil “piggy Bank” did not help neither the drones nor the privatization

In September the amount of funds in the national Fund decreased by 133.8 U.S. billion tenge.

dengi tenge kuchka - Oil "piggy Bank" did not help neither the drones nor the privatization

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.

In the middle East brewing the threat of another war

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/pNameThe sum, thousand tenge
123
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
 including: 
— direct taxes paid by the organizations of oil sector (excluding taxes payable to local budgets)2 128 494 352
including: 
corporate income tax867 841 982
excess profit tax109 067 021
bonuses6 815 362
tax on extraction of mineral resources244 902 782
rent tax on export294 803 699
the share of the Republic of Kazakhstan on production sharing under the concluded contracts544 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 sector60 660 433
— other income from transactions carried out by the organizations of oil sector (excluding receipts paid to local budgets)18 122 801
including: 
administrative fines, penalties, sanctions, penalties imposed by the Central state bodies, their territorial subdivisions on the organizations of oil sector9 103 254
other fines, penalties, sanctions, charges imposed by state institutions financed from the Republican budget to the organizations of oil sector8 158 742
the funds received from the natural resources on claims for damages by the organizations of oil sector860 553
other non-tax revenues from the organizations of oil sector252
— revenues from privatization of Republican property14 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 Kazakhstan947 920
— proceeds from the sale of agricultural land164 519
— investment income from Fund management804 744 456
— the return of the guaranteed transfer from the national budget 
— return target transfers from the national budget315 785
— other receipts and income not prohibited by the legislation of the Republic of Kazakhstan5 358 540
3.Use only:2 588 314 176
including:
— guaranteed transfers2 206 950 000
— target transfers370 000 000
— expenditures related to Fund management and annual external audit11 364 176
4.The Fund at the end of the reporting period, total:26 446 837 977

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