The bill to amend the Tax Code of Belarus was adopted in the second reading.
Photo is illustrative in nature. From open sources.
December 5, MINSK . At the second session of the House of Representatives of the National Assembly of Belarus of the eighth convocation, deputies adopted the draft law "On Amending Laws" (amending the Tax Code of the Republic of Belarus ) in its second reading, BELTA reports.
The draft law was submitted to the House of Representatives by the Council of Ministers and adopted in its first reading on October 31. The draft law provides for systemic measures to improve tax legislation, taking into account the results of its practical application, achieving an optimal level of tax burden on the economy, and further simplifying the procedure for calculating and paying specific taxes.
As Natalya Kuleshova, a member of the Standing Committee of the House of Representatives on Budget and Finance, noted while introducing the draft law, in order to consolidate budget revenues, it is planned to implement such basic measures as increasing excise rates on tobacco and alcoholic beverages, and indexing tax rates set in absolute terms based on the forecast for consumer price growth. Land tax, property tax , environmental tax, and personal income tax rates will be indexed to the projected average annual inflation rate of 105.4% in 2025. Certain ineffective tax incentives will be converted into reduced rates, other ineffective tax incentives will be abolished, and the procedure for applying the investment deduction will be revised.
The Tax Code will be brought into line with current legislation affecting various areas, including architectural and urban development, religious organizations, and entrepreneurship. Additional preferences for individuals with respect to income tax have been introduced: the restriction on the one-time property deduction for large families constructing or purchasing a residential building or apartment has been lifted. The list of young specialists and young workers (employees) who have received higher education, a scientifically oriented secondary specialized education, or a vocational education and are eligible for 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 amended. Under the proposed changes, the tax burden in 2025 is projected to be 24.6% of GDP.
The bill also provides for an increase in the revenue criterion for applying the simplified tax system to Br3.5 million and the application of a zero value-added tax rate on international road freight services for the portion of the route that begins and ends in the Republic of Belarus. Photo by Vitaly Pivovarchik.
The draft law was submitted to the House of Representatives by the Council of Ministers and adopted in its first reading on October 31. The draft law provides for systemic measures to improve tax legislation, taking into account the results of its practical application, achieving an optimal level of tax burden on the economy, and further simplifying the procedure for calculating and paying specific taxes.
As Natalya Kuleshova, a member of the Standing Committee of the House of Representatives on Budget and Finance, noted while introducing the draft law, in order to consolidate budget revenues, it is planned to implement such basic measures as increasing excise rates on tobacco and alcoholic beverages, and indexing tax rates set in absolute terms based on the forecast for consumer price growth. Land tax, property tax , environmental tax, and personal income tax rates will be indexed to the projected average annual inflation rate of 105.4% in 2025. Certain ineffective tax incentives will be converted into reduced rates, other ineffective tax incentives will be abolished, and the procedure for applying the investment deduction will be revised.
The Tax Code will be brought into line with current legislation affecting various areas, including architectural and urban development, religious organizations, and entrepreneurship. Additional preferences for individuals with respect to income tax have been introduced: the restriction on the one-time property deduction for large families constructing or purchasing a residential building or apartment has been lifted. The list of young specialists and young workers (employees) who have received higher education, a scientifically oriented secondary specialized education, or a vocational education and are eligible for 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 amended. Under the proposed changes, the tax burden in 2025 is projected to be 24.6% of GDP.
The bill also provides for an increase in the revenue criterion for applying the simplified tax system to Br3.5 million and the application of a zero value-added tax rate on international road freight services for the portion of the route that begins and ends in the Republic of Belarus. Photo by Vitaly Pivovarchik.
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