These decisions were made at the latest meeting of the Eurasian Economic Commission Council, held online. The Kazakh delegation was led by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin.
Specifically, the project concerns a cooperation project to build an AKRUS paint and varnish manufacturing facility in the Moscow Region. The facility will produce paints and varnishes with superior corrosion and fire protection compared to existing products. The project is scheduled to run for five years and will begin this year.
Participants in the project include the Belarusian Orion-VK Scientific and Production Enterprise, the Kazakh Asyl Construction LLC, which will provide a portion of the materials and process equipment, and the Russian AKZ Coatings LLC.
Another new cooperation project will involve the construction of a new mixing line at the Samara Gypsum Plant. The project envisages an increase in the production of dry mixes for construction and special purposes by 75,500 tons per year. Elita LLP, which will provide engineering and construction services, will represent Kazakhstan, while Remeza CJSC will represent Belarus. The projected economic impact on Kazakhstan's budget through tax revenues from this project is estimated at approximately 180 million tenge.
As a reminder, a cooperative project for the production of agricultural machinery in the Akmola region was approved in 2025.
As is known, cooperative projects in the EAEU receive preferential financing at a reduced rate through subsidized interest rates on loans for project implementation. These projects are designed to promote technological development and the creation of new production models, as well as the expansion of trade and economic ties within the countries of the economic union.
Amendments to a number of documents on the agricultural sector were also adopted at the Council meeting. In particular, these amendments concern changes to the method for field testing of varietal crops.
Furthermore, it was decided to amend the Uniform Quarantine Phytosanitary Requirements for Quarantine Products and Items at the Customs Border and Territory of EAEU Member States. These amendments are aimed at optimizing the application of quarantine phytosanitary measures against the pepino mosaic virus, which affects tomatoes, peppers, and eggplants. The requirement for the absence of this virus in these products will be eliminated, provided that a sufficient level of quarantine phytosanitary security is ensured in the country.
A decision was also made to amend the list of quarantine products subject to quarantine phytosanitary control at the customs border and territory of EAEU member states. Specifically, the mandatory phytosanitary certificate requirement for wood packaging and fastening materials bearing the markings stipulated by the Uniform Requirements will be abolished.
These amendments are aimed at creating more favorable conditions for the production and trade of relevant products within EAEU member states.
The Council also adopted amendments to the Customs Union Technical Regulation "On the Safety of Toys." The amendments establish mandatory requirements for toys intended for children under 14 years of age and are aimed at protecting consumers from false product information and preventing the release of toys that do not meet established safety standards.
The parties also discussed and adopted decisions on a number of other procedural issues related to the activities of other industries and the Commission.
Damu Entrepreneurship Development Fund JSC has launched pilot Business Support and Facilitation Centers in Astana, Almaty, Shymkent, North Kazakhstan Region and Aktobe Region.
The Damu Fund is considering expanding this operating model and introducing a comprehensive business facilitation mechanism. This approach will provide entrepreneurs with a more convenient way to interact with government agencies, financial institutions and other organizations when addressing business development matters.
As part of the pilot project, the existing infrastructure, expertise and support instruments are expected to be consolidated, together with cooperation with organizations of Baiterek Holding through a Single Front Office. The mechanism provides for supporting entrepreneurs at every stage — from diagnosing the issue through to its resolution.
The Centers operate as follows: an entrepreneur applies to a regional branch of the Damu Fund, where specialists conduct an initial assessment of the situation, identify possible solutions and determine the further support pathway. Depending on the nature of the request, relevant government agencies, financial institutions, local executive bodies and organizations of the Baiterek Holding Group are engaged in handling the case. The Damu Fund coordinates interaction among the participants and supports the entrepreneur until a decision on the matter is reached. Thus, the entrepreneur does not need to approach each authority separately.
As part of the pilot project, the main focus will be on issues that directly affect the financial sustainability and continued operation of businesses.
In particular, entrepreneurs will be able to receive assistance with:
These areas were identified based on an analysis of more than 2.4 thousand problem-related requests from SMEs recorded in the registry of the Atameken National Chamber of Entrepreneurs. More than 600 of these requests came from the five regions where the pilot project is being implemented. Entrepreneurs most frequently sought assistance with financing and debt restructuring, obtaining state support measures, taxation, product sales and business development.
The Main Criterion Is a Resolved Issue
Unlike the traditional advisory format, the effectiveness of the Centers will be assessed primarily by results. The key indicator will be the share of entrepreneurs’ requests that are resolved, as well as assistance in restoring businesses’ access to financing and sales markets, addressing problem loans and tax issues, and meeting the deadlines for reviewing requests.
At the same time, the Centers will compile analytics on recurring business issues. This will make it possible to identify systemic barriers and develop proposals for improving existing support measures and legislation.
The pilot project will run until the end of 2026. Based on its results, the effectiveness of the new mechanism will be assessed and proposals will be prepared for its further expansion to other regions of the country.
Entrepreneurs can contact the Business Support and Facilitation Center through the regional branches of the Damu Fund in the five pilot regions. Addresses and contact details of the regional branches are available on the Fund’s official website. Information is also available through the Unified Contact Center at 1408.
At the 27th meeting of the Project Office for the Implementation of the Tax Code, chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin, the issue of taxation of transactions with quasi-government bonds traded over-the-counter following their acquisition on Kazakhstan stock exchanges was discussed.
As part of expanding the list of Kazakhstan securities available through the international depository infrastructure Euroclear/Clearstream, the possibility of expanding foreign investor access to quasi-government bonds is being explored. It is anticipated that non-residents will become the primary holders of such securities through Euroclear/Clearstream.
However, current tax legislation does not fully regulate the taxation of income from gains on securities upon their subsequent sale outside the Kazakhstan Stock Exchange.
As noted by Aliya Moldabekova, Deputy Chairperson of the National Bank, when quasi-government bonds are sold by a non-resident on the Kazakhstan Stock Exchange, the gains are exempt from taxation. However, when subsequently selling these same securities outside of a Kazakhstani exchange, a similar approach is not provided for by law.
This issue is particularly relevant given the development of transactions through the international depository infrastructure. Transactions between non-residents within the Euroclear/Clearstream systems do not pass through the Kazakhstani trading and settlement infrastructure. Moreover, when executing over-the-counter (OTC) transactions between non-residents and Kazakhstani market participants, the tax exemption provided for transactions on the organized market through Kazakhstani stock exchanges does not apply.
The volume of outstanding tenge bonds of quasi-public sector entities currently amounts to approximately 17.6 trillion tenge. Based on the average share of non-residents in the total volume of government securities over the last eight months of 2026—8.1%—their potential investment in quasi-public sector bonds could reach approximately 1.4 trillion tenge. Thus, differences in the tax regime for exchange-traded and over-the-counter transactions may create an additional barrier for foreign investors and limit the potential for trading quasi-government bonds through the international depository infrastructure.
Following the discussion, the Project Office participants generally supported the approach of exempting capital gains from taxation in relevant transactions conducted outside the Kazakhstan stock exchange.
The Ministry of National Economy, in conjunction with the Ministry of Finance, will develop the necessary clarifications to tax legislation and inform market participants of the results of this work.
The development of domestic ornamental nurseries was discussed at a government meeting chaired by Deputy Prime Minister and Minister of National Economy of the Republic of Kazakhstan Serik Zhumangarin.
As part of the Head of State's goal to further restore forests and develop national park infrastructure, the development of domestic ornamental plant nurseries is particularly important. They provide planting material for urban improvement and landscaping projects. The meeting discussed the industry's key challenges and measures needed to scale up domestic production.
Today, Kazakhstan remains dependent on imported planting material. However, plants grown in domestic nurseries are better adapted to local climate conditions and have a higher survival rate. Furthermore, they require less investment in chemical treatment and the use of growth stimulants.
It is difficult to estimate the size of the domestic market and the level of import dependence today: official statistics do not separately account for ornamental plant production.
Ornamental nursery production is a young, high-tech, and knowledge-intensive subsector of plant growing, focused on the production of standardized planting material adapted to specific natural and climatic conditions. Today, green spaces are not only a feature of urban landscaping but also an important part of urban infrastructure, fulfilling ecological, engineering, and aesthetic functions.
As noted by representatives of the Central Asian Association of Plant Nurseries, the industry lacks standards for ornamental crops. Land use is also unsettled: the Land Code of the Republic of Kazakhstan does not define a separate land category for ornamental nurseries. Existing land uses, including afforestation and horticulture, do not take into account the specific nature of nursery operations, which involve growing plants followed by digging and replanting. When working on agricultural land, restrictions arise on the construction of permanent greenhouses, warehouses, and automatic irrigation systems.
Another issue concerns the classification of activities in the ornamental nursery industry. Industry representatives believe the current classification requires clarification, taking into account the specifics of cultivation and requirements for planting material.
At the same time, meeting participants noted the significant potential for developing a network of domestic nurseries and entering export markets. Kazakhstan's geographic location allows it to benchmark itself against countries with similar climatic conditions. Plants grown in a sharply continental climate have a competitive advantage in terms of adaptation and survival.
Following the meeting, Serik Zhumangarin instructed the Ministry of Ecology, together with the ministries of agriculture and industry, akimats, and industry representatives, to conduct a comprehensive analysis of the state of ornamental nursery production. This analysis should cover the volumes of domestic production and imports, regional needs, and existing barriers to the industry's development. Government agencies will also address issues raised by businesses regarding improving the classification of economic activities in this sector and the detailed HS classification.
Updated Subsidy Rules have come into effect in Kazakhstan under the Unified Small Business Support Program "Isker Aimak," implemented by the Damu Industrial Development Fund. The changes were approved by Resolution No. 729 of the Government of the Republic of Kazakhstan dated August 18, 2026.
What has changed?
Support is now available for projects by social entrepreneurs, regardless of industry restrictions. They can participate in the program for the types of activities specified in the register of social entrepreneurs, taking into account the project's implementation location and the entrepreneur's place of registration. For social entrepreneurs, the subsidy is 50% of the nominal remuneration rate, while for other entrepreneurs it is 40%.
Regional akimats can designate six additional OCEA codes as priority economic activities for regions and districts of the Republic of Kazakhstan.
Investment projects have been strengthened in their focus on domestic production. Investment expenditures include the acquisition of commercial real estate, equipment, machinery, and transport, as well as the construction, modernization, reconstruction, and major repairs of business facilities. Equipment, machinery, transport, construction materials, and other assets within the investment project must be purchased from Kazakhstani manufacturers included in the relevant Registry. If a required product is not listed in the Registry, it may be purchased from other manufacturers.
The investment project implementation period has been reduced from 24 to 18 months from the subsidy start date. This period may be extended by no more than six months in the event of significant legislative changes or unforeseen technical, economic, or production circumstances.
The procedure for assessing project effectiveness criteria has been clarified. Changes have been made to the income and wage fund (WF) indicators. A downward deviation of no more than 1 percentage point between the actual increase in income and WF and the cumulative inflation rate is now permitted. Furthermore, in the presence of objective circumstances beyond the entrepreneur's control, an additional period of up to one financial year has been introduced to achieve performance indicators, confirming project implementation and the intended use of funds. Information on inflation, including cumulative inflation, is posted on the official website of the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan. The subsidy provision mechanism has been changed. The allocation of limits between second-tier banks and leasing companies (LCs) has been eliminated. Entrepreneurs can now apply to any second-tier bank or leasing company that is a partner of the Fund. Once funding is approved, the project is sent to the Damu Fund, which makes a decision on granting a subsidy within five business days. If the decision is positive, a tripartite subsidy agreement is concluded between the Damu Fund, the second-tier bank or LC, and the entrepreneur.
Furthermore, the Rules have been supplemented with a provision allowing entrepreneurs to appeal the Fund's decision to deny a subsidy through administrative and/or judicial proceedings in accordance with the legislation of the Republic of Kazakhstan.
As part of its non-financial support measures, the Damu Fund is already implementing a mobile front office project in small and single-industry towns, district centers, and rural communities.
The mobile front offices serve as mobile consultation platforms where entrepreneurs and individuals wishing to start a business can receive free information about existing support tools and also apply for financing on-site.
Program Key Terms
Participants – micro and small businesses, agricultural cooperatives, and social entrepreneurship entities;
Loan amount – up to 200 million tenge;
Purpose – investments, working capital;
Nominal rate – the base rate of the National Bank of the Republic of Kazakhstan + 4%
Subsidy amount – 40% of the nominal rate, with the rate for entrepreneurs being at least 12.6%; for social entrepreneurs – 50%;
Subsidy term – up to 3 years;
How to become a participant?
To participate in the program, entrepreneurs must contact a second-tier bank or leasing company that is a partner of the Damu Fund and submit an application for financing. Once financing is approved, the project is submitted to the Damu Fund for review and a decision on granting a subsidy.
For consultation on support programs, entrepreneurs can contact the regional branch of the Damu Fund where their project is being implemented. Additional information is available on the Foundation's official website and by calling the Single Contact Center at 1408.
As part of the implementation of the Addresses of the Head of State for 2024 and 2025, the Government is implementing a comprehensive set of measures in the areas of public finance, infrastructure, investment, digitalization and social policy. The key objectives are set out in the nationwide action plans.
The nationwide action plans for 2024–2025 provide for 180 measures. Some have already been fully implemented, while the remaining tasks are in the active implementation phase and are being carried out within the strictly established timeframes.
The practical impact of this work is already becoming evident across various sectors. In 2025, 6.6 thousand km of utility networks were repaired, and eight utility enterprises were removed from the ‘red zone’ of deterioration. At the same time, a new regulatory framework was established for the digital economy, artificial intelligence and investment policy.
Less Administrative Burden, Greater Efficiency
To address imbalances between monetary and fiscal policy, amendments were made to the Action Plan for Ensuring the Sustainability of Public Finances and Improving the Balance of Macroeconomic Policy for 2025–2027. The document was aligned with the Joint Action Programme for Macroeconomic Stabilization and Improvement of Public Welfare for 2026–2028.
A significant part of the assigned tasks was further developed within the framework of the new Tax and Budget Codes, which established a unified direction for fiscal modernization.
The new Tax Code has been in effect since 1 January 2026. It provides for a 30% reduction in tax reporting and a 20% reduction in the number of taxes. The system of tax benefits has been revised and differentiated rates have been introduced. For businesses, this means simplified administration, while the tax system is becoming more focused on stimulating investment and increasing the tax burden on luxury goods.
Tax administration is also transitioning to a digital model. The Smart Data Finance system automatically calculates tax liabilities based on data from government information systems and creates a digital taxpayer profile. The system has been put into full-scale operation, and its information database has been integrated with government bodies and organizations.
The new Budget Code, in turn, places emphasis on the quality of planning and the efficiency of public expenditure. An analysis of the impact of sectors on budget revenues has been introduced, making it possible to prioritize public investment projects and direct funding toward initiatives with the greatest economic impact.
In addition, separate monitoring of parafiscal payments and new budget liquidity management mechanisms have been introduced, helping to reduce the risk of cash shortfalls in the regions.
New Rules for Banks and the Quasi-Public Sector
A separate reform package concerns the development of the financial market and improved efficiency in the management of state assets. To regulate banking activities in light of the objectives of stimulating economic activity and developing financial technologies, the Law ‘On Banks and Banking Activities in the Republic of Kazakhstan’ was signed, together with related amendments to legislation concerning the financial market, communications and bankruptcy.
At the same time, the new Budget Code strengthened oversight of the finances of the quasi-public sector. Limits on external borrowing and rules governing dividend payments have been established for holdings, while their development plans are considered by Parliament concurrently with the national budget.
Samruk-Kazyna and Baiterek holdings have been tasked with ensuring investment in the country in accordance with the National Development Plan and the Investment Policy Concept. Baiterek has been transformed from a development institution into a fully fledged investment holding company. Its mandate is being expanded to include the financing and support of major infrastructure, industrial and export projects.
KZT 13 Trillion for the Modernization of Energy and Utility Infrastructure
One of the most significant practical outcomes of implementing the Head of State’s instructions has been the establishment of a new model for modernizing the energy and utility sectors. The National Project ‘Modernization of the Energy and Utility Sectors’, adopted by the Government in December 2024, became the basis for a large-scale repair campaign and infrastructure renewal.
The project covers more than 200 infrastructure enterprises. Investments of KZT 13 trillion are planned for 2025–2029, of which KZT 6.8 trillion will be allocated to the utility sector and KZT 6.2 trillion to the energy sector. The primary objective is to reduce network deterioration to 40% and decrease the number of accidents by 20%.
In 2025, KZT 547 billion was allocated for modernization. A total of 6.6 thousand km of utility networks were repaired, and eight utility enterprises were removed from the ‘red zone’ of critical deterioration. In 2026, funding was doubled to KZT 1.1 trillion. Plans call for the repair of 12 thousand km of networks and the removal of another eight enterprises from the critical-deterioration zone.
In parallel, Smart Turmys, a unified digital platform for monitoring utility infrastructure, is being launched. Thus, the instruction to upgrade utility infrastructure is gradually evolving from a set of individual repair measures into a systematic, multi-year modernization programme.
Digital Infrastructure Becomes Part of the Economic Framework
Implementation of the Head of State’s instructions also covers the development of telecommunications infrastructure, data centres and the cybersecurity system. In June 2026, legislation governing telecommunications and data centres was updated. The new provisions enable the expansion of communications infrastructure, stimulate the development of data centres and establish the legal conditions for introducing new telecommunications technologies.
Protection of digital infrastructure is also being strengthened. On 17 November 2025, the Head of State signed a law introducing amendments to legislation on artificial intelligence and digitalization. The provisions of personal data legislation were updated, and the validity periods and procedure for withdrawing consent to personal data processing were regulated.
At the same time, the Law ‘On Informatization’ was transformed into the Law ‘On Cybersecurity’. It establishes uniform requirements for the protection of digital infrastructure, introduces a security audit framework, defines the basic conceptual framework, delineates the powers of government bodies and requires mandatory logging of actions performed by users with privileged access rights.
Human Capital: Focus on Occupations, Education and Health
An important part of implementing the Address concerns the development of human capital. In education, the Concept for the Development of Preschool, Secondary, Technical and Vocational Education for 2023–2029 was updated. It provides for the introduction of a differentiated per-capita funding model, enhancement of the prestige of skilled trades and young people’s vocational skills, implementation of WorldSkills standards, alignment of technical and vocational education programmes with higher education, and development of education-and-industry clusters.
A separate area of work was the implementation of the Head of State’s initiative to declare 2025 the Year of Skilled Trades. Under the approved plan, systematic work has been launched to involve employers in workforce training, enhance the prestige of skilled trades and strengthen social guarantees for professionals.
Mechanisms for supporting research personnel continue to be improved. Amendments have been made to the rules for selecting applicants and undertaking research internships, providing for improvements to competitive selection, the establishment of a list of priority research areas and the expansion of the list of leading foreign organizations available for internships.
Healthcare remains an equally important area of social modernization. On 14 July 2025, a law concerning compulsory social health insurance was signed. It laid the foundation for a transition by 2027 to a predominantly insurance-based financing model. At the same time, mechanisms are provided to support socially vulnerable groups from local budgets, preserve insured status for six months in the event of an interruption in contributions, broaden the contribution base and strengthen state supervision.
Another practical social-policy instrument is the ‘Social Wallet’, launched in the eGov Mobile application. Its purpose is to improve the targeting and transparency of state assistance, automate the provision of support measures and reduce bureaucratic barriers.
Security: From Response to Prevention
A separate set of the Head of State’s instructions concerns strengthening law and order and public safety. The Law ‘On the Prevention of Offences’, signed on 30 December 2025, laid the foundation for a new model of preventive work. The system has been reoriented toward early identification of risks and timely prevention of offences.
A set of general, individual and special preventive measures is provided for. At the same time, the rights and duties of public assistants have been expanded, the powers of government bodies have been delineated, and mechanisms for inter-agency coordination have been established. This approach reflects one of the key principles of state policy: not only responding to problems that have already arisen, but also establishing mechanisms to prevent them.
Transition to a Digital Transformation Economy
While implementation of the 2024 Address was largely focused on strengthening economic and social resilience, the 2025 Address sets the next horizon: the digital transformation of the state and economy and the development of Kazakhstan in the age of artificial intelligence.
Within the framework of the 2025 Nationwide Action Plan, an updated regulatory, legal and institutional framework has been established, covering digitalization, investment, the real sector, the social sphere and public administration.
Digital Code and New Rules for the Economy
Kazakhstan has established unified rules for the platform economy, big data and AI. The legal basis for this model was established by the Digital Code adopted in January. The document creates a unified legal foundation for the digital environment, regulating the digital transformation of public administration and the economy, the platform economy, the use of big data and the application of artificial intelligence technologies. At the same time, it enshrines citizens’ digital rights and principles for the safe development of AI. In practical terms, this marks a transition from fragmented digitalization of individual processes to the establishment of a unified regulatory environment for the digital economy.
Investment: From Attracting Capital to Project Quality
The new stage of investment policy entails not only increasing the volume of investment, but also changing its structure in favour of high-value-added production. This objective is enshrined in the Investment Policy Concept of the Republic of Kazakhstan through 2030.
To strengthen the external investment framework, the overseas network of JSC NC Kazakh Invest is being expanded, an Investment Board is being established under Baiterek Holding, and the Kazakhstan Investment House single centre has been launched on a ‘one-stop shop’ basis.
Accordingly, investment policy is gradually shifting from merely attracting capital to establishing a comprehensive investor support system, from the initial inquiry through to project implementation.
The State in the Economy: Greater Efficiency and Transparency
Another important reform priority is improving the efficiency of state asset management. The next stage of the reform is expected to be a new Law ‘On State Property’. The draft provides for a clear definition of the grounds for state participation in the economy, the establishment of KPIs for state-owned companies and the classification of organizations according to ownership objectives.
The subsoil-use sector is being reformed in parallel. The Law dated 30 December 2025 amended the Code ‘On Subsoil and Subsoil Use’ with the aim of increasing transparency and digitally transforming geological exploration and resource development processes.
From Agricultural Science to Higher Productivity in the Agro-Industrial Complex
Digital transformation also extends to the agro-industrial complex. A Roadmap for the Development of Agricultural Science through 2029 has been approved, aimed at modernizing the agricultural science system, improving its efficiency, introducing digital technologies, and strengthening cooperation among science, education and industry.
Implementation of these measures is creating an innovation-oriented agricultural science system that ensures the sustainable development of the agro-industrial complex through digital technologies, higher productivity and the practical application of scientific developments. To this end, the state will ensure uninterrupted funding for scientific research, modernization of the material and technical base of research organizations, and the creation of the conditions necessary to conduct research and implement its results.
To improve the effectiveness of scientific developments, the formulation of terms of reference places primary emphasis on the actual needs of businesses. Research activities are thereby being reoriented toward solving practical problems and ensuring demand for research outcomes. As a result, the share of scientific developments implemented in the agro-industrial complex will be increased to 40%.
Modern Construction and Urban Development
The infrastructure framework for urban development acquired a new regulatory basis with the adoption of the Construction Code, signed by the Head of State on 9 January 2026. The document forms part of the systematic modernization of urban-planning regulation and is intended to ensure more modern approaches to the development of urban infrastructure and the construction industry.
The objectives of this Code are to ensure the safety of people and facilities, simplify and digitalize procedures, promote quality and accountability, establish uniform rules, develop infrastructure and create a comfortable environment.
Implementation of the nationwide plans is ongoing. Overall, the Government has already implemented a comprehensive set of measures in the key areas identified in the Addresses of the Head of State, while the practical implementation of decisions aimed at sustainable economic growth, technological modernization, infrastructure development and improved quality of life for citizens remains the central focus.
At the 26th meeting of the Project Office for the Implementation of the Tax Code, chaired by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin, the main focus was on the development of cashless payments and the updating of subordinate legislation for the application of a zero rate of mineral extraction tax (MET).
In particular, the participants discussed the development of modern cashless payment methods, including QR payments, transfers by telephone number, electronic money, and the digital tenge. Financial regulators propose extending the value-added tax (VAT) exemption, which currently applies to payment card transactions, to services related to other forms of cashless payments.
It was noted that the payments market is developing rapidly and that digital payment methods are becoming increasingly widespread. Financial regulators emphasized the importance of establishing a level playing field to promote cashless payments and digital payment solutions.
The participants of the Project Office noted that the VAT exemption had previously been introduced as a separate measure for the payment instrument that was the most widely used at that time. However, with the development of new payment methods, including QR payments, mobile transfers, and the digital tenge, the payments market has changed significantly. Accordingly, the automatic extension of the tax exemption to new instruments had not previously been considered, as this required an assessment of the economic impact and a clear definition of the range of transactions to which the exemption should apply. In addition, the applicable payments legislation was updated in 2026 and broadened the concept of payment card transactions, which requires further clarification of tax regulation.
Serik Zhumangarin noted that the development of modern payment instruments, including QR payments and the digital tenge, is a positive trend. At the same time, he emphasized the need to substantiate the economic impact of the proposed measure.
Following the discussion, it was decided to further examine the matter jointly with the Ministry of Finance, the Agency for Regulation and Development of the Financial Market, and the National Bank, clarify the relevant legislative provisions, and submit the corresponding calculations.
As the second item on the agenda, the participants discussed updating subordinate legislation for the application of a zero rate of mineral extraction tax (MET) in accordance with the Tax Code. In this regard, the Ministry of Industry and Construction was instructed to clarify Resolution No. 1102 of the Government of the Republic of Kazakhstan dated 18 December 2025, which regulates the criteria for low-profitability deposits of solid minerals and the rules for determining their profitability.
Under the baseline economic development scenario, the foreign-currency assets of the National Fund of the Republic of Kazakhstan are projected to increase from USD 65.2 billion in 2027 to USD 70.6 billion in 2029. These projections were presented at a meeting of the Government by Serik Zhumangarin, Deputy Prime Minister – Minister of National Economy.
“Under the baseline scenario, total receipts to the National Fund are projected at KZT 5.1 trillion in 2027, KZT 5.5 trillion in 2028, and KZT 5.7 trillion in 2029. Net receipts to the National Fund are projected at KZT 0.5 trillion in 2027, KZT 1.4 trillion in 2028, and KZT 2 trillion in 2029,” — Serik Zhumangarin reported.
The amount of the guaranteed transfer to the republican budget has been determined in accordance with the applicable budget rules and will amount to KZT 2.4 trillion annually in 2027 and 2028, followed by a reduction to KZT 2 trillion in 2029.
To finance critically important infrastructure facilities and projects of nationwide significance, a targeted transfer from the National Fund is envisaged in the amount of KZT 2 trillion in 2027 and KZT 1.5 trillion annually in 2028 and 2029.
The republican budget deficit will decrease from 2.3% of GDP in 2027 to 0.4% of GDP in 2029. This was reported at a Government meeting by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin.
“In order to maintain the sustainability of public finances, the budget deficit has been set at 2.3% of GDP in 2027, with a gradual reduction to 0.4% of GDP by 2029. The non-oil deficit will decrease from 5.3% of GDP to 2.5% of GDP. Accordingly, republican budget expenditures will amount to KZT 30.2 trillion in 2027, KZT 29.4 trillion in 2028, and KZT 29.6 trillion in 2029,” — Serik Zhumangarin stated.
According to the estimates of the Ministry of National Economy, republican budget revenues will amount to KZT 19.9 trillion in 2027, reach KZT 21.7 trillion in 2028, and increase to KZT 23.4 trillion in 2029.
Under the baseline scenario of the Forecast of Socio-Economic Development for 2027–2029, Kazakhstan’s average annual GDP growth is projected to exceed 5%. This was announced at a meeting of the Government by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin.
“Nominal GDP is expected to increase from KZT 199.3 trillion in 2027 to KZT 245 trillion in 2029. Economic growth will be driven by increased output in the non-oil sectors. Growth in manufacturing is expected to outpace growth in the mining sector. The principal contribution to manufacturing growth will come from metallurgy, mechanical engineering, the production of construction materials, the chemical industry, and food production,” — Serik Zhumangarin reported.
The Deputy Prime Minister noted that agriculture will also be a key driver of growth, with annual growth of at least 5%. In the construction sector, the growth rate is expected to increase from 16% in 2027 to 17.3% in 2029, supported by the development of transport and logistics, energy, water, housing and utilities, and social infrastructure.
In the services sector, average annual growth is projected at 5.7% in trade, 10.4% in transportation and warehousing, and 9.2% in information and communications.
The foreign trade balance is expected to remain positive: exports of goods are projected to rise from USD 82.8 billion in 2027 to USD 88.5 billion in 2029, while imports are expected to increase from USD 80.5 billion to USD 88.4 billion.
The inflation target range is set at 7.5–9.5% for 2027, followed by a decline to 6–8% in 2028–2029.