Kazakhstan Finance Ministry to apply the blockchain technology from 2018 - News | BNews

Kazakhstan Finance Ministry to apply the blockchain technology from 2018

22 February, 17:03 314
Kazakhstan Finance Ministry to apply the blockchain technology from 2018

It will be introduced in the sphere of tax administration.

The blockchain technology will be gradually introduced by the Ministry of Finance of Kazakhstan in its work from 2018.

According to Deputy Prime Minister of Kazakhstan Yerbolat Dosayev, the practical appliance of the blockchain technology should be started from 2019.

“The Ministry of Finance will be possibly one of the first state bodies that intends to do it. The task is ambitious taking into account the problems, which occur in automatization and informatization of processes. That is why will solve the problems, which we have, and then in August will deal with the tax and customs administration with good preparation and results,” Yerbolat Doayev said at the expanded board of the Ministry of Finance.

Executive Secretary of the Minister of Finance Baurzhan Tortayev noted that the technology will be applied in the tax administration; that will allow to decrease the number of unfair taxpayers.

“When improving VAT, firstly, the receipt to the budget increases. Secondly, we will deal with less number of unfair taxpayers. The righter competitiveness will be involved, that is all people must pay taxes, all businessmen must pay taxes, and they should have the same conditions. The VAT system will remain. The infosystem basedon the blockchain system will be introduced. Almost each taxpayer pays VAT. Therefore, all this chain based on the blockchain technology will be tracked,” Baurzhan Tortayev said on the sidelines of the board.

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