Income tax rate, which is currently equal to 24% in Belarus, can be cut down to 20%. This was stated by Director General of the budgetary policy of the Ministry of Finance Maxim Ermolovich on March 29. "The tax rate, we have, is quite high. It is planned to have dropped substantially by 2012," he said.
The representative of the Minister has noted that the Treasury is considering other options to reduce income tax rates, BelTA inform.
As Telegraf previously reported, this issue was twice raised in February by the head of the ministry, Andrei Kharkovets. «If we solve the problem with benefits, then, despite the fact that Belarus today is at the level of European countries in centralization of financial resources and tax rates for major taxes, we can think about reducing the tax rate as the main source of investment,» he said.
«We’ve been previously talking about 2-4% beginning with 2012,» said Andrei Kharkovets. The Minister said that if the economy showed positive results, the income tax rate miht drop to 18%.
Andei Kharkovets also reported on February 9 that no new taxes would be introduced in Belarus. In addition, he reported that the investment and innovation wouldn’t be subjected to taxation in 2012.
Also the Tax Code of Belarus can fix the rules on transfer of organizations’ losses for up to five years. That is, taxpayers, who suffered losses, will be able to cut them at the expense of future profits.
