MPs Want to Radically Change Tax System

08.06.2011 10:08

Belarusian deputies keep on working on radical simplification of the tax system. They intend to discuss the necessary amendments at the retreat meeting of the Standing Committee of the House of Representatives on Budget, Finance and Tax policy to be held on June 9-10 at the base of Hrodna and Slonim enterprises. This was announced by Chairman Alexander Antonenko.

«If before there was a problem of increasing production, an innovative path of development is now the main goal. Therefore, the reduction of income tax rates is on the table. This is understandable: the income tax is the main source of domestic investment for the company. The greater the income tax rate, the less investing in the company’s development,» he said.

MPs are also exploring the possibility to cover losses with future profits in 2012, to increase terms of documenting commodity export from Belarus, to revise the basis for fines for administrative violations in tax laws, BelTA informs.

The MPs organized the meeting to discuss «with specialists how useful the proposed amendments to legislation and whether they will have a positive impact on the economy of the enterprise.» According to Alexander Antonenko, companies, operating on local raw materials and producing for export were placed in a good environment» in the current situation with the fx market. Their experience should be studied and possibly shared with other businesses, the MP said.