Despite the growth of GDP and income of the population, the property stratification within the Kazakh society persists and even increases.
This is a disturbing factor that requires special attention.
I believe that it is necessary to modernize the tax system with a focus on a more equitable distribution of national income.
The government should also pay attention to the growing amount of social contributions.
On the one hand, these fees ensure the stability of the social and pension systems.
However, there are risks that employers will lose their incentives to create jobs and raise wages. Business will fade into the shadows.
Therefore, I instruct the government to postpone the introduction of additional pension contributions in the amount of 5% until 2023. Then we will return to this question.
During this time, the Government, business representatives and experts must calculate the options and come to an agreed solution, taking into account the interests of both future pensioners and employers.
The government should impose a ban on all payments that are not provided for in the Tax Code. These are, in fact, additional taxes.
A separate problem is improving the quality of the current tax system.
It should encourage companies to invest in human capital, increase labor productivity, technical re-equipment, and export.
Non – cash payments should be introduced everywhere, eliminating the deterrent factor-the high Commission of banks. To do this, it is necessary to actively develop non-Bank payment systems with appropriate regulatory rules. Despite the obvious simplicity and attractiveness of this segment, it should not turn into a channel for money laundering and capital withdrawal from the country. The national Bank should establish effective control in this area.
Following question. To support the export of non-primary products, we will consider applying simpler and faster VAT refund procedures.
One of the most problematic issues of our economy is the insufficient volume of its lending. Over the past five years, the total volume of lending to legal entities, as well as small and medium-sized businesses, has decreased by more than 13%.
Second-tier banks refer to the shortage of good borrowers and put excessive risks in the cost of credit funds.
Of course, there is a problem with high-quality borrowers. But it is impossible to engage a shifting of responsibility, to go only the easy way.
I expect the Government and the national Bank to work smoothly and effectively on this issue.
Another problem – over-indebtedness, especially of socially vulnerable segments of the population, has led to the need to take emergency measures. You know that.
This problem has become socially and politically acute.
Therefore, I instruct the government and the national Bank to prepare mechanisms for implementation within two months that will guarantee that this situation will not be repeated.
Insufficient effectiveness of monetary policy is becoming one of the brakes on the country's economic development.
Second-tier banks should provide business loans on acceptable terms and for a long period of time. The national Bank needs to complete an independent assessment of the asset quality of second-tier banks by the end of the year.