Fuel prices in Belarus to beat those in Russia
Belneftekhim concern has calculated that the optimal fuel price on the domestic market should be the price in the Russian Smolensk region plus 5-10%. In March 2017 alone, fuel prices in Belarus increased five times by BYN 0.01 due to the need to modernise refinery and reduce the oil-refining margin amid a decrease in oil supplies in Q1 2017. Fuel prices are likely to continue to increase until they beat those at petrol stations in the Russian regions bordering Belarus. Belarusian refineries are likely to improve financial health. Belarus is unlikely to sell less fuel on the domestic market due to higher fuel prices, however transport costs at enterprises would increase, leading to a possible hike in the tariffs for road transport in Belarus. Fuel prices in Belarus do not depend on the world prices, if need, the government would agree to a further increase in fuel prices to fill the country's budget.
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.