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30 November 2022, 19:19

Ways to address Belarus' state budget deficit explained

MINSK, 30 November (BelTA) – Belarusian Finance Minister Yuri Seliverstov talked to reporters on 30 November and explained how the deficit of the state budget will be addressed, BelTA has learned.

Yuri Seliverstov said: “Most of the budget revenues are generated by revenue derived from taxes. Such as tax payments. The current year indicates that tax payments keep flowing in not as bad as it seemed initially. The payments keep coming steadily. In order to secure additional consolidation, we suggest raising the profit tax rate from 18% to 20%. It will also allow generating additional resources.”

In his words, Belarus and Russia have signed the relevant agreements on common rules and principles of collection of indirect taxes. “We are going to receive return excise duties according to common rules just like Russian oil-processing companies do. It will add up to Br2 billion to our revenues. This is why we will be well supplied with revenues,” the official noted.

Yuri Seliverstov went on saying that budget rollovers and borrowings will also be used to address the budget deficit. “We are not going to use any new, unknown tools,” he added.

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