Blockchain technology in Kazakhstan is confidently becoming an everyday reality due to the active interest in the technology of the public administration segment and the financial sector of the country. Thanks to government support for the development of digital technologies, it became possible to develop a fiscal system based on Blockchain technology.
The Ministry of Finance has begun implementing a decentralized database to track the sales chain and VAT refunds.
To implement the project, a VAT administration methodology and technical requirements for an information system using distributed registry technology were developed.
A number of gray VAT evasion schemes and abuse of refunds from the budget have made the value added tax a prime candidate for the introduction of a reliable administration mechanism. Therefore, in order to track the correct calculation of VAT by taxpayers, the Ministry of Finance is introducing a Unified Personal Account for tax payments. All VAT turnover will be transferred to such a separate account. All VAT transactions will be stored in a single blockchain system, and all banks and government agencies will become participants in this single network.
The use of blockchain technology will make it impossible to use gray schemes, automate the formation of preliminary declarations, guarantee VAT refunds to taxpayers and increase the flow of money into the budget.
So far, the Ministry of Finance has not undertaken to predict the amount of budget revenue from the implementation of a system for tracking taxpayers using blockchain. However, last year the IT sector brought the state about 160 billion tenge. According to the first half of this year, the volume of e-commerce doubled to 101 billion tenge. This dynamics is possible due to the implementation of a number of projects in the field of digital economy, which provide a serious economic effect.
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