Ministry of Finance: Taxes to be raised for those “living beyond means”

Income tax will be raised to 16% in 2016 for the persons whose expenses exceed income.

The rate of income tax on the excess of expenditures over income for individuals can be raised from 13% to 16% in 2016, according to amendments to the Tax Code of Belarus published by the Ministry of Finance.

“The rate of income tax for individuals is set at 16% on the income … calculated by a tax office on the basis of the amount of excess of expenditures over income in accordance with the legislation,” the document says.

An income tax of 4% will be imposed on income in the form of gambling winnings (return of bets if the event is cancelled) received by individuals from gambling companies of Belarus, AFN reports.

The amendments propose an increase from 43.66 million rubles to 49.47 million rubles in the maximum income threshold for individuals for renting out homes, garages and parking places. If income is below the threshold, individuals pay a lump-sum tax.