Belarusian retail trade turnover is likely to reduce due to SME traders suspending their activity

April 22, 2016 19:42

In January 2016, retail trade in Belarus fell by 1.8% compared with January 2015 due to private entrepreneurs suspending their market activity. Entrepreneurs have suspended their activities due to the inability to meet the requirements on supporting documents for their products, otherwise leading to heavy fines and confiscation of goods by the fiscal authorities. Due to suspended activities of entrepreneurs, Belarusian retail trade turnover is likely to fall, and official unemployment is likely to grow; the competition on the labour market will increase and tax revenues will reduce. Even if fines are reduced and requirements for supporting documents are somewhat lowered, most entrepreneurs are unlikely to resume their activity in Belarus and some might move it to Russia or Ukraine.