Highly profitable Belarusian companies to replenish state budget
Based on performance in H1 2016, 42 highly profitable Belarusian enterprises will be required to list BYN 24.8 million to the National Development Fund. This measure is designed to redistribute enterprises’ financial resources in favour of the state budget. According to the draft national budget for 2016, the funds will be directed to accounts of large families with three and more children. Highly profitable enterprises are likely to decrease in number and some may take bank loans in order to make the required payments to the state budget. Potential payers to the Fund may understate their net income by the year-end in order to get off the list of highly profitable enterprises.
According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.