Economic situation in Belarus requires tight fiscal policy – FinMin
<p> MINSK, Dec 23, - PrimePress. The current economic situation in Belarus and the debt burden on the budget require maintaining tough fiscal policy, according to the guidelines for fiscal and tax policy of Belarus for 2021-2023 posted on the website of the Finance Ministry of Belarus. </p> <p> </p> <p> Tax policy will be aimed at resolving taxation issues and improving tax management. Measures will be taken to adjust tax rates in Belarusian rubles to make them adequate to inflationary processes. Benefits and deductions on personal income tax in Belarusian rubles will be increased by 7.4% as part of social support, depending on nominal wage growth. </p> <p> </p> <p> The share of indirect taxes in the budget revenues is planned to increase by 15% in all price segments based on the outstripping increase in excise rates on tobacco products as part of their harmonization in the Eurasian Economic Union (EEU) and the possible expansion of the list of excisable goods and the abolition of certain types of tax benefits, says the Finance Ministry. </p> <p> </p> <p> As previously reported, the House of Representatives of the National Assembly of Belarus approved on December 18 the draft budget for 2021 with a deficit of Br4.047 billion ($1.6 billion at the rate of National Bank of Belarus). In 2020, the budget deficit is expected at Br2.6 billion ($1 billion). The budget deficit in 2021 will likely increase by 56% year on year. National budget revenues in 2021 are planned at Br23.304 billion ($9.3 billion); expenditure – Br27.351 billion ($10.9 billion). End </p>
2020-12-24
Primepress
Economic situation in Belarus requires tight fiscal policy – FinMin
MINSK, Dec 23, - PrimePress. The current economic situation in Belarus and the debt burden on the budget require maintaining tough fiscal policy, according to the guidelines for fiscal and tax policy of Belarus for 2021-2023 posted on the website of the Finance Ministry of Belarus.
Tax policy will be aimed at resolving taxation issues and improving tax management. Measures will be taken to adjust tax rates in Belarusian rubles to make them adequate to inflationary processes. Benefits and deductions on personal income tax in Belarusian rubles will be increased by 7.4% as part of social support, depending on nominal wage growth.
The share of indirect taxes in the budget revenues is planned to increase by 15% in all price segments based on the outstripping increase in excise rates on tobacco products as part of their harmonization in the Eurasian Economic Union (EEU) and the possible expansion of the list of excisable goods and the abolition of certain types of tax benefits, says the Finance Ministry.
As previously reported, the House of Representatives of the National Assembly of Belarus approved on December 18 the draft budget for 2021 with a deficit of Br4.047 billion ($1.6 billion at the rate of National Bank of Belarus). In 2020, the budget deficit is expected at Br2.6 billion ($1 billion). The budget deficit in 2021 will likely increase by 56% year on year. National budget revenues in 2021 are planned at Br23.304 billion ($9.3 billion); expenditure – Br27.351 billion ($10.9 billion). End