Belarus Finance Ministry: no plans to introduce progressive income tax scale yet
<p> MINSK, Nov 12 - PrimePress. The Ministry of Finance of Belarus does not plan to introduce substantial changes in the taxation model in terms of additional taxation of over-consumption or a progressive income tax rate, First Deputy Finance Minister Dmitry Kiyko told journalists on 12 November. </p> <p> </p> <p> “We believe that they will not have significant fiscal effects, including the fact that wealth stratification in Belarus is insignificant, including stratification income of citizens. In addition, tax administration may become more complicated,” BelTA reports citing Kiyko as saying. </p> <p> </p> <p> In his words, the tax system should be transformed in terms of expanding the tax base. The idea is that taxation should cover those turnovers which today, for one reason or another, do not fall under the main taxes. “For example, e-commerce from foreign trading platforms. From next year non-residents will start paying VAT on e-commerce,” said Kiyko. </p> <p> </p> <p> As previously reported, the Ministry of Finance of Belarus has published draft amendments to the Tax Code, some of which provide for a significant increase in the tax burden on entrepreneurs and have drawn protests from the country’s business community. End </p>
2021-11-13
Primepress
Belarus Finance Ministry: no plans to introduce progressive income tax scale yet
MINSK, Nov 12 - PrimePress. The Ministry of Finance of Belarus does not plan to introduce substantial changes in the taxation model in terms of additional taxation of over-consumption or a progressive income tax rate, First Deputy Finance Minister Dmitry Kiyko told journalists on 12 November.
“We believe that they will not have significant fiscal effects, including the fact that wealth stratification in Belarus is insignificant, including stratification income of citizens. In addition, tax administration may become more complicated,” BelTA reports citing Kiyko as saying.
In his words, the tax system should be transformed in terms of expanding the tax base. The idea is that taxation should cover those turnovers which today, for one reason or another, do not fall under the main taxes. “For example, e-commerce from foreign trading platforms. From next year non-residents will start paying VAT on e-commerce,” said Kiyko.
As previously reported, the Ministry of Finance of Belarus has published draft amendments to the Tax Code, some of which provide for a significant increase in the tax burden on entrepreneurs and have drawn protests from the country’s business community. End