Belarusian exports to fall by USD 200 million in Q4 due to maintenance works at Belaruskali
Due to maintenance works in the mining departments of Belaruskali, the production of potash will reduce by 60,000 tons. Belaruskali exports 90% of its products, and a decrease in production means a reduction in export sales worth circa USD 200 million and a decrease in industrial production indices in the chemical industry. In addition, rail freight volumes would reduce too, as well as wages at the enterprise. Reduced exports to foreign markets will affect the market price on potash fertilizers in connection with devaluation processes in countries - main consumers of these products.
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.