26 Jul 2023 10:41

Kazakhstan adopts comprehensive plan to counter shadow economy

ALMATY. July 26 (Interfax) - The Kazakh government has approved a comprehensive action plan to counter the shadow economy for 2023-2025, the prime minister's office said on Wednesday.

The Financial Monitoring Agency and the interested governmental bodies developed the document as part of implementing the presidential election program, and Prime Minister Alikhan Smailov has signed the corresponding resolution.

"The plan envisages implementing systemic measures to improve tax and customs administration, efficient competition and budget distribution, protection for households from illegal business activities, and others. The measures being implemented should specifically improve the efficiency of customs inspections, optimize customs clearance procedures, and expand administrative offenses," according to the press office.

Proceeds in the shadow economy from wholesale and retail trade are likely to decline 5% by 2025, and its turnover was cut 6.7% in 2022. A drop of 2.4% in the shadow economy in freight transportation and warehousing is expected in 2023 against 3.2% in 2022.

The plan should trim informal employment and curb illegal business activities. The share of small- and medium-sized businesses in the country's GDP should rise to 37.5% in 2025 from 36% in 2022.