Finance Ministry Promised Not to Introduce Any New Taxes

09.02.2011 13:07
Архив Редакция

There will be no new taxes in Belarus. This was announced by Finance Minister Andrei Kharkovets at the board meeting of the ministry on February 9. The head of the department recalled that much had been done to improve the quality characteristics of the tax system in the past five years." In particular, the minister says, 26 tax payments have been abolished in the country for five years.

«Thus, the issue with the structure of taxes and the amount of tax payments, that meet the standards of developed countries, has been fully resolved. We can confidently say that no new taxes will be imposed within the new program of socio-economic development. There’s no need for that,» BelTA quoted Finance Minister.

«Currently, taxpayers pay seven major taxes, which allow financing public spending at the required level, without creating restrictions for economic growth,» stated Andrei Kharkovets.

Ministry of Finance to Reduce Income Tax Rates by 2-4%

In addition, according to the Minister of Finance, the income tax rate can be reduced by 2-4% in Belarus from 2012. Andrei Kharkovets also does not exclude that income tax rate can be lowered to 18% in the event of the Belarusian economy’s positive results and high growth rates.

At the same time it is offered to withdraw investment projects from taxing on profits up to full cost recovery, as well as to lower  tax rate on profits from the sale of high-tech goods, produced in Belarus, to 10%, the head of the Treasury said.
 
According to Andrei Kharkovets, it is also suggested removing the temporal and quantitative restrictions on the VAT return. Andrei Kharkovets believes that these measures will significantly replenish working capital of enterprises and encourage them to boost investment activity.

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