Income tax in Belarus may increase to 13%

Income tax in Belarus may increase to 13%

Belarus continues to support families with children: in 2015, record amounts of money will be allocated for these purposes from the country's budget. The House of Representatives, the lower house of the Belarus parliament, adopted the 2015 budget of Belarus in the first reading on December 11. 

Next year's budget will focus on decreasing the national debt, maintaining the achieved level of funding for health and education and increased support for families with children. Great Patriotic War veterans will get a total of Br300 billion.

The main financial document has a surplus of Br15 trillion. The national budget revenues for 2015 amount to Br156.7 trillion - almost a quarter higher than the expected budget expenditures in 2014. The new budget takes into account the new project Family capital.

Marianna Shchetkina, Minister of Labor and Social Protection of the Republic of Belarus:
Measures to support families, as guaranteed by the head of state, will continue to develop and continuously provided in accordance with the capabilities of the state.

Modernization affected the GDP growth rate. In 2015, it is going to be at modest 0.5%. 2015 monetary policy aims to reduce inflation to 12%, while the refinancing rate is going to be at 15-16 percentage points. Tax legislation was revised.

Vladimir Amarin, Minister of Finance of the Republic of Belarus:
To increase the level of support for families with children, we propose an increase in the rate of income tax from 12 to 13%.

MPs had a lot of questions regarding the budget and amendments will be made in the second reading. Less money will be allocated for state programs and local government will get extended rights in the allocation of public funds. The savings could be used to pay higher salaries to doctors or teachers.

Vladimir Andreichenko, Chairman of the House of Representatives of the National Assembly of the Republic of Belarus:
Of course, you want to allocate money for everything, so that all industries get more but you have to choose and you have limits. Therefore, it will all depend on how the Belarusian economy will work in 2015.

Members of the lower house of the parliament have also ratified the agreement on visa-free regime with Israel.

More: Visa-free travels between Belarus and Israel from April 2015

The MPs have also ratified agreements on mutual abolition of visas with Ecuador and Brazil. All in all, the House of Representatives considered 13 questions on December 11.