Belarusian SMEs will lose some tax benefits in 2016

April 22, 2016 19:27

If the draft amendments to the Belarusian Tax Code are approved, as of January 1st, 2016, internet shops and some businesses would no longer be subjected to the simplified taxation. In addition, the volume of revenues required for simplified taxation will be nine-folded. These measures may lead to an increase in the tax burden on business, some enterprises may cease their activities, the tax base will be expanded due to 16% tax on certain types of non-operating incomes, and fewer new businesses would emerge compared with the previous year. The state seeks to tighten the requirements for simplified taxation due to widespread ‘tax optimisation’ schemes. The economic authorities will continue to unify economic conditions for various legal entities engaged in some economic activities.