PRESS RELEASE Tax and budget policies in the context of global economic challenges have been discussed at the CSI round table as part of AEF 2018
On May 17, 2018 as part of the XI Astana Economic Forum a roundtable was held on the subject of "Tax and Budget Policy in the Context of Global Economic Challenges
" in Astana. The initiator and organizer of this session was the Center for Strategic Initiatives (CSI) in cooperation with the Ministry of National Economy of the Republic of Kazakhstan.
The first vice-minister of the national economy of RK, heads of state bodies, major financial companies, international organizations, research centers, NGOs and national companies of Kazakhstan participated in the panel session.
The following global challenges that affect the tax and budget policy were discussed at the round table:
- potential changes in the foreign trade policy of the world economy leaders towards protectionism;
- the transformation of economies under the fourth industrial revolution;
- a drop in the demand for oil in the long term;
- a potential shift of economic leadership in the Central Asian region towards Uzbekistan;
- challenges and opportunities for the financial sector in the light of Industry 4.0.
Also, the participants of the session discussed new sources of public revenues and redistribution of wealth, such as higher tax rates, a reduction in the "shadow" economy and the transition to a protectionism policy.
Ruslan Dalenov, the First Vice-Minister of National Economy of the Republic of Kazakhstan, made a welcoming speech. He emphasized the importance of the issues discussed at the round table and expressed his hope that part of the decisions mentioned at the event and the forum would be reflected in the elements of the Kazakhstan tax policy subject to the latest programs for digitalization and development of the financial sector in Kazakhstan.
The First Vice-Minister of National Economy of the RK also delivered a keynote speech telling about the main current issues of the tax policy in Kazakhstan and world trends in this sector.
According to Olzhas Khudaibergenov, the moderator of the session and the senior partner of the Center for Strategic Initiatives, global challenges in the Kazakhstan economy are real enough and need to be worked on.
Representatives of international organizations and foreign experts took part in the discussion. Among them, Mr. Rajul Awasthi, an expert of the World Bank, thanked the CSI, the organizer of the round table, for raising the relevant subject and issues, exploring potential solutions and for skillfully matching and balancing the composition of the session participants that enabled to listen to different points of view. He also supported the view of the speakers that one of the main issues for supporting the growth of the national economy is bringing economic counterparties out of the shadow.