State-owned enterprises were ordered to share

All the state-owned enterprises in Belarus will transfer 20% of their income to the budget.

From 1 January 2013 the share of income has been unitized for all the state-owned enterprises and economic associations that they must transfer to the budget, Interfax reports.

Such a decision is prescribed by Lukashenka’s decree as of 11 January 2013.

The decree introduces changes and additions in a whole number of enactments. According to these changes, the state-owned unitary enterprises and production associations are obliged to transfer 20% of their income to the budget. For economic associations which a are partly state-owned that transfer of a part of the income (20%) will be made proportionally to the state’s shares in the statutory funds. At the same time the part of the income transferred will be a minimal obligatory part of the state shares’ dividends.

An exception is made only for the state-owned enterprises and economic associations that specialize in producing agricultural products, fishing and fish breeding. They are obliged to transfer 5% of their income to the budget.

It is noted in the document that the unification is carried out “for the purpose of stimulating the high work efficiency of the country’s enterprises and speeding up the modernization of manufacturing”.

The decree provides that taxes and fees as well as modernization costs (including loan payments), life insurances and additional pensions as well as the payments prescribed by the ruler will be excluded from the income base for the calculation of the share to be transferred.

For a delay or non-payment of the part of the income a fine is foreseen in the amount of 1/360 of the base interest rate set for  the period of the payment.