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New edition of Belarusian Tax Code to come into force on January 1, 2019 Next year’s budget will have even more of social focus. The most important issues of the country's development in 2019 were considered the day before at a meeting in the Palace of Independence. It is planned to increase funding for health, education, sports and culture. Regarding the updated Tax Code, which has caused some public debate, it is going to be improved. Following the meeting, the Head of State generally approved...

President’s requirement is to take risks into account as much as possible and to identify new growth points when making new forecasting documents The economy of Belarus shows gowth in almost all spheres. However, there should not be any illusions of success, the President stressed at a meeting on the economic results of the year and prospects for the next year. The requirement of the head of state ...

Main financial document for next year provides for growth of salaries of state employees The draft budget 2019 maintains a social orientation. Its main innovation is a more active growth of wages in the public sector. A significant part of the funds from the state treasury will go to help in the construction of housing, repair and construction of roads, infrastructure development – the construction of schools, hospitals and kindergartens. The main priority is the growth of incomes of the population...

Development of new territories in Fanipol, Zhodino, Molodechno seen as priority Increased sales volumes and new residents at the Free Economic Zone Minsk. Since the beginning of the year alone FEZ Minsk saw ten new resident companies. 20 more consider joining. Thus, the total number is 118. The immediate prospect is the development of new territories outside the capital, i.e. industrial sites in Fanipol, Zhodino and Molodechno.

Voluntary payments to budget increasing The renewed Tax Code is aimed at assisting with the voluntary payments to the state budget. Its main goal is to make sure that the payments are made not because of fines, but due to timely notifications from the tax authorities. There’s already such tendency: the voluntary payments are increasing. Tax inspections result in only about 15% additional revenues. The new tax document will redefine proportional punishment, which was discussed during the meeting...

Belarus continues promoting business in rural areas Inflation in Belarus will not exceed 6% by the end of the year. The Ministry of Antimonopoly Regulation and Trade stated that there are no prerequisites for the non-fulfillment of this task of social and economic development of the country. Work is being held to promote business in rural ares. A special working group has been set up at the Antimonopoly Regualtion Ministry. Among the proposals of experts were the extention of the validity of Decree...

In H1 2018, Belarusian exports grow by 19.4% Results of foreign economic activity, schedule of international meetings, development of relations with the Eurasian Economic and European Unions were discussed yesterday as Foreign Minister of Belarus delivered a report to the President. Alexander Lukashenko reminded that economy is the number one priority, and export is its basis. It is in this vein that that foreign trade should develop. The first half of the year saw a positive trend: exports grew...

Export rise by 19.4% in H1 2018 The state of foreign economic relations and the schedule of forthcoming international meetings were discussed as Belarus Foreign Minister delivered a report to the President. Alexander Lukashenko underlined that export is the basis of Belarusian economy. Therefore, foreign economic activities are focused on export. As for the schedule of forthcoming events, and first of all highest-level contacts, the President wants it to be systematized. Speaking about foreign...

Production of unique mineral fertilizers started 5 years ago Belaruskali celebrates its millionth ton of complex mineral fertilizers. The milestone achievement in the extractive and processing industry of Belarus occurred in the year of the 60th anniversary of the enterprise itself and of the city of Salihorsk. Launched 5 years ago, the unique mineral fertilizers with nitrogen, phosphorus and potassium are in demand in many countries - from Lithuania and Poland to Mexico and Taiwan. Supported with...

Draft Tax Code may be submitted for consideration by MPs in September The work on simplification of business environment continues in Belarus. The President has initiated large-scale systemic changes. Being at the final stage of revision, a new draft of the Tax Code is to be presented in September. It will become more transparent for citizens and businesses and is meant to simplify the procedure of collecting taxes, and improve the procedure of calculating them. According to experts, all this will...