State-owned enterprises to list additional BYR 680 billion to state budget

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April 22, 2016 19:11

The Council of Ministers has ordered the most profitable Belarusian companies to list part of their net profits from 2014 totalling BYR 680 billion to the National Development Fund. Potash producers and pipeline transport enterprises will carry the heaviest burden. In the future, the list of companies may expand based on their financial performance. In addition, the state may increase financial audit of enterprises in order to gain additional budgetary proceeds from penalties and fines. In response, enterprises may start spending more on improving their material base thus reducing nominal profits. In addition, local authorities may put pressure on private enterprises in order to gain funds for their needs.

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