Belarus may reduce sales of potash fertilizers in 2016 to USD 2 billion

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April 22, 2016 19:43

In January 2016, Belarus produced 544000 tons of potash fertilizers, which is down by over one third compared with January 2015. Belarus’ potash fertilizer exports in January 2016 reduced by 1.8 times due to negative trends on the world potash market and a slump in potash prices down to USD 200 per tonne on some markets. Belarus is likely to reduce potash production due to lower demand from buyers - China, India and Brazil, which is likely to drop currency proceeds to USD 2 billion. The government will need additional funds to bridge the funding gap due to lower potash proceeds and Belarusian potash industry is likely to slow down. In addition, Belaruskali will have to continue to downsize its staff and reduce workers’ wages.

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Number of citizens excluded from social security system would be expanded
October 02, 2017 12:24

The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.

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