Members of the Council of the Republic National Assembly of Belarus approved the draft national budget for 2011. A characteristic feature of the document is that Tax Code changes, which greatly simplify the tax system, are taken into account.
As Telegraf reported, the tax burden in Belarus should decrease by 0.4% to GDP in 2011. The draft budget is formed on the 110% GDP growth rate in 2011, 8% annual inflation, and the average annual dollar rate to the Belarusian ruble of Br3.1 thousand.
Consolidated budget revenues of 2011 are projected at Br 54.5 trillion, which will amount to 118% for the 2010 assessment. Consolidated budget expenditures are envisaged in the amount of Br60.5 trillion (118.3% compared to 2010).
Gains on the 2011 draft national budget provide a total of Br33.6 trillion, or 116.9% to the estimated level of 2010. National budget expenditures are planned in the amount of Br39.6 trillion (123.3%).
Revenues structure remains the same in the coming year. The main sources of tax revenues of the consolidated budget, as before, will be VAT — 35.1%, foreign trade taxes — 13.3%, taxes on income and profit — 12.8%, income tax — 10.1%, excise taxes — 9.8%. However, import duties revenues are planned to increase in 2011.
In addition, the draft budget provides for 3% deficit increase to GDP (or about Br6 trillion). Internal and external sources are to finance the budget deficit.
