Positive trade balance to ease currency pressure
According to data published on April 28th, Belarus’ international goods trade in March 2014 was positive at USD 44.5 mln – for the first time since July 2012. Pressure on the Belarusian ruble from enterprises is expected to decrease, administrative restrictions on imports will expand, planned industrial production indicators will be revised, credit support for exports will increase, and prices on export goods will be lowered in order to increase sales volume.
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.