Belarus will place its shares on the international capital market, and partial tax exemption for bond income will be preserved.
The efficiency of the Belarusian financial market was discussed on February, 29 during the meeting with the President of the Republic of Belarus. The Government and the National Bank of the Republic of Belarus have prepared three draft decrees.
Alexander Lukashenko, President of the Republic of Belarus:
The first question is what is it for. The second question is whether we need it in general or not. And the third question is whether we should do it now, in the present conditions. There is a number of drafts of the decrees. The first draft allows the National Bank to have the authority to exercise control over the insurance and stock markets. At the moment, the Ministry of Finance has this authority. And the Ministry is coping with the task successfully, according to Finance Minister Amarin. That’s why my first question to this first draft decree is why do we need to do this, if the system is functioning in a proper way. The second draft aims to preserve tax exemption for operations with corporate bonds. Are we all fighting for the budget here? That’s my question to you. We don’t have the budget income, we start to cut some programs, and here, we create certain exemptions. Couldn’t it be so, that the budget won’t get enough money, and what will be the cost of that then? And the most important question is whether the companies will receive this money, whether the money will make their situation better, and whether the tax revenue will increase.
The decision on the question whether to give full control of the insurance and stack markets to the National Bank was put off till next year.
However, the affirmative decision on taxes was made. Securities and bonds are excellent opportunities to attract investments. And the more is the income of the corporations, the more beneficial it is for the country’s budget.