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Belarusian state will use opportunity to replenish budget from profit tax

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August 28, 2017 12:47

According to Decree No 298 of August 21st, 2017, commercial enterprises will be able to write off the exchange differences on expenses related to financial activity, which occurred as of December 31st, 2017 but not later than December 31st, 2018. The decree was adopted due to the performance of Belarusian enterprises in June 2017, when the monthly net profit in the economy totalled BYN 16 million, which was 45 times less than in May 2017. The fall in profit was due to the weakening of the national currency to the US dollar and the euro. After writing off the exchange rate differences, profit indicators should improve at some state enterprises. Commercial enterprises are not interested in increasing profits due to the need to subsequently increase tax payments. Future financial performance of the economy will largely depend on the possible weakening of the Russian rouble. Unprofitable enterprises could use the decree to improve their financial performance. The state is unwilling to disregard any means to replenish the state budget, even in the case of budget surplus and the lack of problems with servicing external debt. The government is likely to continue to use fines and other forms to replenish the state budget.

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