Potash sales in 2014 provided by dumped prices

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April 22, 2016 18:46

In February the Belarus Potash Company (BPC) won a tender to supply 250 tonnes of potassium chloride to Indonesia and signed an agreement to supply potash to Russia’s FosAgro.

The BPC had to dump the potash prices to sign these contracts and to preserve the foreign currency proceeds. Lower prices will ensure that Belaruskali’s capacities are fully utilized while Belarus’ agreement with Brazil is pending (Uralkali has become active in the region). The BPC export strategy implies that Belarus has an acute need in foreign currency proceeds – she has prioritized volumes over profitability. 

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Number of citizens excluded from social security system would be expanded
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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.

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