Deputy: Proposed Tax Code Amendments Aimed at Increasing Economic Activity

Natalya Kuleshova, 31 October, Minsk . The innovations proposed to the Tax Code are aimed at increasing economic activity, Natalya Kuleshova, a member of the Standing Commission on Budget and Finance of the House of Representatives, told reporters, BELTA has learned.

At a meeting of the second session of the House of Representatives of the National Assembly of Belarus of the eighth convocation, deputies adopted in the first reading the draft law "On Amending Laws", which provides for adjustments to the Tax Code of the Republic of Belarus .

Tax policy in 2025 will be aimed at ensuring sustainable fulfillment of budget expenditure obligations. In order to consolidate budget revenues, it is planned to implement the following basic measures: increasing excise rates on tobacco products and alcoholic beverages, indexing tax rates set in absolute values ​​based on the forecast for consumer price growth. It is envisaged to transform certain ineffective tax breaks into reduced rates and abolish ineffective tax breaks, and revise the procedure for applying the investment deduction.

"The proposed innovations concern broad sections of society and are aimed primarily at increasing economic activity. At the same time, they aim to evenly distribute the tax burden between different categories of taxpayers and involve them in financing government expenditures," noted Natalia Kuleshova. "The adopted innovations will not have a negative impact on the work of the real sector of the economy and the life of our citizens. The expected tax burden - no higher than 24.6% - will allow us to fully finance the expenditure side of the budget."

In general, the bill provides for the solution of problematic tax issues taking into account the results of its practical application, further simplification of the procedure for calculating and paying specific taxes, optimization of tax benefits, improvement of tax administration, as well as facilitating the perception of the provisions of the Tax Code of the Republic of Belarus by taxpayers.