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📢 Olympex Advisers employees, after analyzing legislative changes, believe that tax assessments following audits of oil sector companies will be directed to the republican budget starting in 2025.

Currently, the Parliament of the Republic of Kazakhstan is reviewing the draft of the new Budget Code. One of the key changes for the oil sector is the revision of the tax revenue distribution procedure.

🔹 What will change?
According to subparagraph 20) of paragraph 1 of Article 23 of the draft Budget Code, tax revenues assessed as a result of audits of oil companies will be allocated not to the National Fund but to the republican budget.

🔹 What does this mean for businesses?
Previously, additional tax amounts assessed following audits were directed to the National Fund. However, starting in 2025, these funds will be used directly to cover budget expenditures.

📌 Important: The new Budget Code is planned to take effect retrospectively from January 1, 2025.

💡 A key question arising from this change:
Given the budget deficit, will this step impact the outcomes of tax audits in the oil sector and the prospects for appealing them?