Belarusian state budget to fail income tax plan for 2016

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April 22, 2016 19:45

According to the Finance Ministry, in January-February 2016, the national budget received BYR 300.6 billion from income tax payments or 3.3% of the projected amount for 2016. The low proceeds from income tax were due to the economy’s losses, which exceeded BYR 20 trillion. Following the adoption of the decree on writing off foreign exchange rate differences, the number of profitable enterprises is expected to increase. Compared with 2015, budgetary proceeds from income tax are likely to reduce due to further deterioration of price terms on foreign markets. In Q1 2016, the state budget expenditures are likely to be readjusted due to the expected shortfall in tax payments, and investment programmes of enterprises using own funds are likely to be reviewed. The state is likely to attempt to compensate for reduced income tax revenues by increasing the tax burden on profitable businesses and enhancing audit.

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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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