Tax and budget policies in the context of global economic challenges have been discussed at the CSI round table
as part of AEF 2018
May 17, 2018

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.

Mikhail Khazin, one of the key discussers, expressed his confidence that due to the economic integration in the region Kazakhstan is able to achieve a significant progress that will have a beneficial effect on the planned growth of the national economy.

Representatives of the public and private sector, industrial enterprises and international consulting companies – Ardak Tengebaev, the Chairman of the State Revenue Committee of the Kazakhstan Finance Ministry, Galym Khusainov, the Board Chairman of Bank Center Credit, Yerzhan Saltybaev, the Director of the Institute of World Politics and Economics, Anuar Ushbaev, the Managing Partner of Tengri Capital, Sergey Perapechka, the Managing Director of BCG and others actively participated in the discussion.

"AEF is a form of such a soft diplomacy. This is not so much an economic event as a political one, and at this forum, in a very convenient environment and atmosphere, our officials are establishing communication with foreign ones. This is important for our state," Olzhas Khudaybergenov said.

Holding such a session can have a positive effect on the further all-round study of prospects for the financial sector and tax industry, identification of new challenges for Kazakhstan in the area of taxation and achievement of long-term goals of the country development, according to the Address of Kazakhstan President Nursultan Nazarbayev.

For information:

CSI, the Center for Strategic Initiatives, is an independent consulting and analytical company in Kazakhstan. CSI is a National Partner of the World Economic Forum in conducting research on competitiveness and preparation of analytical materials.

The Center for Strategic Initiatives successfully integrates wide local expertise with the best world standards and practices, providing services in strategic consulting, analytical research, financial modeling and expert support of transactions for clients from the public and private sectors. The cooperation of CSI with leading international companies in the sphere of strategic consulting, the world leader in the market of financial and media communications Thomson Reuters and recognized energy experts such as Wood Mackenzie, Rystad Energy and Enzen also gives a significant advantage in providing clients with global expertise and efficient promotion of their interests.

CSI works with a wide range of clients in the region, including government agencies, regulators, quasi-public and private companies in the energy, finance, infrastructure and other sectors.

The projects implemented by the company's experts include consulting services for such companies as World Bank, Asian Development Bank, Barclays, Lloyd Bank, CNPC, Glencore, ENRC, Exxon Mobil, Arcelor Mittal, RUSAL, Kazzinc, Ministry of National Economy of the Republic of Kazakhstan, NC Kazakhstan Temir Zholi JSC, Samruk-Kazyna NWF JSC, Kazpost JSC, Akimat of Astana city, Kazakhtelecom JSC and others.

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