The bill on amending the Tax Code of Belarus was adopted in the first reading

31 October, MINSK . 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 , BELTA reports.

The 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 ​​to the forecast growth in consumer prices. The rates of land tax, real estate tax , environmental tax, personal income tax in fixed amounts will be indexed to the forecast average annual inflation rate in 2025 - 105.4%. It is envisaged to transform certain ineffective tax benefits into reduced rates and abolish ineffective tax benefits, and revise the procedure for applying the investment deduction.
The Tax Code is being brought into line with the current legislation affecting various areas: architectural and urban planning activities, issues of religious organizations, entrepreneurship, etc. Additional preferences for individuals on income tax have been introduced: the restriction on a one-time property deduction for large families building or purchasing a residential building or apartment has been lifted. The list of young specialists, young workers (employees) who have received higher, scientifically oriented secondary specialized or vocational education and have the right to receive a standard tax deduction has been expanded. The rights of tax authorities, as well as articles regulating the fulfillment of tax obligations and tax control have been adjusted.
As part of the proposed changes, the tax burden in 2025 is projected at 24.6% of GDP.

In general, the draft law provides for the solution of problematic taxation 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 by taxpayers of the provisions of the Tax Code of the Republic of Belarus.
Photo by Tatyana Matusevich