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18 December 2018, 19:16

Belarus' new Tax Code given first reading

MINSK, 18 December (BelTA) – The House of Representatives of the National Assembly of Belarus gave the first reading to the bill on the renewed Tax Code on 18 December, BelTA has learned.

Presenting the bill before the MPs, Belarusian Deputy Finance Minister Dmitry Kiyko mentioned the main innovations such as simpler tax administration, different approaches to calculating penalties (penalties will not exceed additional tax sums, which are charged after an audit).

Apart from that, natural persons will be able to contact any branch of the Tax and Duties Ministry regardless of their registered residential address.

Apart from that, the bill provides for scrapping unfinished overdue real estate construction tax, which stands at 2% now. Municipal councils of deputies will no longer be able to multiply by up to ten times the rate of the real estate tax on unused or ineffectively used properties and their accompanying land plots.

The Tax Code has been adjusted bearing in mind instructions of the head of state, who wants simple and understandable provisions in the new Tax Code.

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