Preliminary figures from the National Fund suggest that overall tax collection in December was fairly moderate

KAZAKHSTAN - In Brief 09 Jan 2026 by Evgeny Gavrilenkov

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The Ministry of Finance has begun releasing full-year 2025 financial statistics, starting with data on the National Fund’s assets. As of January 1, 2026, the Fund’s assets rose to KZT39.644 trln from KZT34.730 trln a year earlier. While the official figures are in national currency, applying relevant exchange rates shows the assets increased from about $66.2 bln to $78.5 bln, supported by the tenge’s appreciation from roughly USD/KZT 525 to USD/KZT 505, though the trend was uneven during the year.It also seems valuation effects impacted the mark-to-market prices of the Fund’s assets, with “revenues from managing assets” reaching KZT6.448 trln as of October 1, according to the Ministry’s data. The final report on the Fund’s performance will come later. As noted before, the mix of cash flow data and asset values can be a bit unclear, as it appears that in the first nine months of 2025, the return on investments hit 18.6%—a very high figure.Minfin’s reports show that the Fund’s cashflow data (currently available as of December 1, 2025) doesn’t include income from asset management (that include valuation effects), making the figures look less impressive. The 2025 revenue plan for the Fund was KZT4.883 trln, but in 2025 as a whole, the government only brought in KZT3.770 trln from taxes (plus a few smaller items), falling short of expectations.The Ministry also noted that the Fund spent KZT5.304 trln, mostly directed to the republican budget as guaranteed and targeted transfers, which was just slightly above the planned KZT5.250 trln. Overall, it seems tax collections didn’t rise significantly in December, and the same likely goes for the republican budget revenues linked t...