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Presidential decree No.7 spurred business initiative In Belarus, more than 4,500 business entities started a business by submitting a notification. This year more than 9,000 new commercial organizations and 33,000 individual entrepreneurs were registered. The growth is almost 10%. There are also more artisans now. The presidential decree "On the Development of Entrepreneurship" is the main reason for the increased business initiative. Another positive factor is the increase in bank loans...

Belarus’ refinancing rate projected at 9-10% in 2019 The inflation target for 2019 is no more than 5%, according to the National Bank of the Republic of Belarus. This year, prices for goods and services rose by 5.5%. The National Bank sees no reason for adjusting the current monetary policy. The current interest rates correspond to the macroeconomic policy and take into account the risks of 2019. Belarus’ refinancing rate will remain at 9-10% given there are no external shocks. Next year, the National...

Government projects 4,5% industrial output growth in 2019 The government representatives took part in the joint session of both chambers of the Belarusian parliament. Deputy Prime Minister Igor Lyashenko spoke about the key economic data in 2018. Thus, Belarus had economic growth of 3.5% and sold abroad over 60% of its industrial output. Commissioning of new facilities at modernized plants can secure economic growth in 2019. These include light industry and woodworking enterprises. The car factory...

Government representatives to answer questions from MPs at joint session of both chambers Today the Parliament is closing its autumn session. At a joint meeting of both chambers, members of the Government will report on the results the year and answer questions from deputies and senators. In addition, the agenda includes the senators’ approval of the country's budget for 2019 and the updated Tax Code. The day before the MPs passed the bills in second reading. Belarus will run a budget surplus....

State budget to retain its social focus in 2019 The Belarusian MPs gave the second reading to the bill on the next year's central state budget and Belarus’ new Tax Code. In 2019 the budget will retain its social focus. A significant portion of the budget will be spent to finance wages, pensions, scholarships, and grants. The priority areas for financing are healthcare, education, residential construction for large families. Belarus’ new Tax Code provides for simpler tax administration and different...

MPs to consider Belarus budget for 2019 and Tax Code in second reading Today Belarusian MPs will consider the budget of Belarus for the next year in the second reading. In general, the document is formed following the basic scenario and will strengthen social orientation. Thus, financing of social sphere will increase by 18%. Expenditures on healthcare and education will increase. Support for large families will continue, targeted subsidies are expected to grow. Pensions will rise by 14%. Salaries...

Budget expenditures to remain socially oriented in 2019 The draft budget for the next year was adopted at the first reading. The document is formed with a surplus, i.e. the next year revenues will exceed expenditures by Br1.7 billion. The budget will remain socially oriented: priority is given to education and healthcare. Salaries, pensions, scholarships and allowances will account for a considerable part of the budget. Number one task is to support large families, reduce housing construction queues...

The document’s main innovations are simpler, clearer and lower the taxes The revised Tax Code was passed in the first reading at the House of Representatives of the National Assembly. The document introduces a large number of innovations: administration will be perfected, legislative norms will become simpler and clearer, the tax burden will lower. It is also suggested to switch to the territorial principle. People will be able to address any tax authority convenient for them, not only at their...

Head of state demanded to optimize budget spending and avoid squandering Belarusians should not worry about the Russia's tax manoeuvre. There won't be a catastrophe even in the worst case. A.Lukashenko noted this, when receiving a report on the amended Tax code and the Law on the new budget. According to the President, such moves influence first of all, the work of the Belarus-Russia Union State and Eurasian Economic Union. The issues may be solved during the forthcoming meeting between the leaders...

Belinvestbank receives €50 million loan for development of small and medium-sized businesses in Belarus The European Bank for Reconstruction and Development will support the Belarusian business. A loan of €50 million will be received by Belinvestbank. Today, the parties signed an agreement. The funds will be used to expand the possibilities of lending to small and medium-sized businesses. In addition, the transaction will help to increase the partner network of the Belarusian bank, and expand its...