19 March 2024, Tuesday, 12:34
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Ministry Of Finance To Reduce Tax Advantages

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Ministry Of Finance To Reduce Tax Advantages

At the same time the department still hopes to somehow attract investors into the country.

“Belarus will reduce tax benefits and form up a transparent system of taxation to ensure the businessmen are aware of the rates, they are working at today, and of the rates, which will be there in the future,” – First Deputy Minister of Finance Maksim Yermalovich said at the plenary session of the forum “Expanding the Horizons: Investments, Finance, Development,” held in Minsk on September 29-30.

“In any country in the world the Ministry of Finance only attempts to collect taxes from all the new directions. And it is contrary to the country’s investment attractiveness,” – Yermalovich remarked ironically.

Belarus was facing a choice, too, and since 2008 a tax reform has being carried out in the country, tut.by reports.

“We have grown to the current tax system, having moved up from the last place in the ease of doing business index,” – the deputy minister reminded.

He admitted that at the first stage the terms of taxation for various businesses were sometimes created spontaneously and chaotically, as the result, the country has about 12 special taxation regimes, which differ for the free economic zone, the Technopark, agriculture and so on.

“We see the excess of these regimes already. The further improvement will include the reduction of tax advantages and building an adequate system of taxation,” – Yermalovich said, adding that it’s not promising to attract investors with the help of creating special regimes, it is necessary to stabilize the entire system and create attractive conditions in general.

Responding to a question about the Belarusian model’s prospects, Ermolovich Yermalovich said:

“I have been 20 years in the civil service, its collapse has been regularly denounced. But the changes in the management are long overdue.”

In particular, it is clear that the resources should be allocated more efficiently within the economy, he clarified.

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