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17 June 2016, 16:10

Belarus to increase spending on innovative development

MINSK, 17 June (BelTA) – The Belarusian budget will remain socially-oriented but the expenditure on the country's innovative development will be increased. The decisions are envisaged in Belarus' draft social and development program for 2016-2020, which is to be discussed at the 5th Belarusian People's Congress, BelTA has learned.

The country's fiscal policy will be aimed at enhancing the efficiency of using budgetary resources and their concentration on the priority areas of the social and economic development, further optimization of the taxation system. The policy envisages deficit-free budget, a shift to a three-year budget planning, optimization of budget revenue distribution, and wide use of the result-oriented budgeting. State support will be provided based on equal access and fair competition.

In order to achieve sustainable regional development, the criteria governing the deductions from national taxes, dues (duties) forming the bulk of the budget revenues of regions and oblast centers will be retained for a period of not less than three years. This will help the local authorities to be more independent in implementing the regional development policy, introduce additional stimuli to business promotion and creation of jobs. Efforts in the tax policy will be focused on the support of an optimal level of tax burden on the economy.

The draft program also contains the measures on financial recovery of the real economy sector. The financial recovery of enterprises will help improve the discipline of mutual settlements, reduce accounts payable and receivable.

The deficit of own working capital of enterprises will be eliminated by means of accelerating their turnover through as the growth of backlogs of inventory is stopped and interest on loans is reduced gradually. This will reduce the outflow of working capital. The document also proposes to conduct pinpoint restructuring of ongoing obligations, including using corporate securities and government bonds. The problem of the deficit of working capital will be also settled by means of attracting investors, reducing all kinds of expenditure in accordance with the instructions of the President. The state support will not be provided if this requirement is not fulfilled.

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