MINSK, 30 November (BelTA) – More tax incentives are being developed for new companies in Belarus. The news was released by Belarusian Deputy Tax and Duties Minister Ella Selitskaya during the roundtable session held in BelTA's press center as she commented on the Entrepreneurship Development Ordinance, which was signed on 24 November 2017.
The Entrepreneurship Development Ordinance instructs the central government to submit proposals on encouraging private sector development within six months. The proposals will be primarily aimed at creating new jobs, further development of private business in small towns and rural areas.
Work is in progress in association with ministries of the economic bloc, the oblast administrations, and representatives of business unions to work out proposals on additional tax incentives during the establishment of new enterprises or the first two years of their work, said the official. “I think the proposals will be finalized soon,” said Ella Selitskaya.
The international experience of reducing the tax burden for reinvesting profits is being looked into. It will prompt decisions that will attract foreign and domestic investments in production development in Belarus more actively.
Speaking about the Entrepreneurship Development Ordinance, the official mentioned several aspects, which will positively influence business operation terms. The moratorium on raising tax rates and introducing new taxes, fees, and duties till 2020 is one of them. “It will allow private companies to calmly develop and plan their actions without fear of higher taxes in the medium term,” she said.
Allowing online retailers to use the simplified taxation scheme as from 1 January 2018 is another important step.
The Entrepreneurship Development Ordinance also stipulates that taxes and duties cannot be collected from commercial entities if the demand to pay them has not been sent within five years since the deadline for paying them.
