MINSK, 20 December (BelTA) – The Council of th Republic of the National Assembly of Belarus approved the drafts of the renewed Tax Code, central state budget and budget of the state non-budgetary social security fund for 2019, BelTA has learned.
The senators approved the draft renewed Tax Code. The novelties include 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.
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.
In 2019 the budget is projected to receive Br23.6 billion or up 0.8% over 2018. The main sources are VAT, excises, tax revenue from economic activity. Expenses are forecast at Br21,900 billion or up 5.1% from 2018. Surplus will amount to Br1.7 billion.
In 2019 the budget will retain its social focus. The priority areas for financing are healthcare and education. The draft budget provides for the family capital in the amount of Br343.2 million. A significant portion of the budget will be spent to finance wages, pensions, scholarships, grants, other payments.
The national road fund is expected to receive almost Br700 million, up 10% as against 2018. Half of the revenues from government fees, or Br145 million, will be transferred from the fund to local budgets in the form of subventions.
Introducing the bills, Finance Minister Maksim Yermolovich informed that on 1 January 2019 the public debt will be around 38% of GDP.
“This year we audited the debt portfolio and made a decision on early repayment of certain debt obligations, both direct and quasi-public debt. The total amount of these payments will exceed $700 million,” Maksim Yermolovich said.
With regard to the state non-budgetary social security fund, it is projected to receive Br15 billion. Expenditures are planned at Br14.8 billion. The main expenditure item is pensions (77.5% or Br11.5 billion. Revenues exceed expenditure by Br223.7 million thanks to the the professional pension insurance resources.
