President Lukashenko signs new taxation decree

President Lukashenko signs new taxation decree

Alexander Lukashenko has signed a corresponding decree. Its aim is to ensure the building up of the profitable part of the budget.

The decree feature tax rates, deductions and profit tax benefits, taking into consideration the inflation forecasts of 2018. The criteria on the simplification of taxation have been increased by 20%: a wider circle of payers will be able to use it, what is more, new norms have also been adopted, they are aimed at developing the business innitiative in Belarus.

Igor Skrinnikov, head of the methodology and taxation department of the Tax and Duties Ministry of the Republic of Belarus:
The possibility of a third party paying the taxes gor the tax payer will be considered. In addition, the decree norms oblige to onform the tax payer if the tax agencies debit the tax payer's account with the ammount necessary. The cancelation of electronic VAT onvoices is considered for certain transactions. All the norms stated in the taxation decree have a liberal nature and are aimed at simlifying entrepreneurship in Belarus.

The government is already working on the new Tax Code. It is planned that the document will come into force from 2019.