"Grandfather Tax" Is Already Knocking At Door

The tax reform-2018 is coming to Belarus.

Lukashenka instructed to "amend fully" the tax legislation from the start, and then to "stabilize" and change it not more frequently than once every three years.

The Council of Ministers was instructed to form an interdepartmental working group, including experts from the Council for the Development of Entrepreneurship, and by September 1, 2018, to draft a bill providing for a comprehensive adjustment of the Tax Code. The Business Union of Entrepreneurs and Employers named after Prof. Kuniauski informed a belmarket.by

It has been ordered to ensure the stability of the tax legislation: the new bill can be adjusted not more often than once in three years. All norms are to be made simple and understandable, and their provision is to be a direct one. It is supposed to get rid of uncertainty and inconsistency of the regulations. The preliminary date of the draft law to enter into force is January 1, 2019.

In addition, according to director of the Business Union of Entrepreneurs and Employers Zhanna Tarasevich, Lukashenka rejected some "loud innovations" of legislation proposed by fiscal bodies. In particular, the article on transfer pricing will not appear in the Tax Code. We remind that the Ministry of Taxes and Duties has proposed to introduce a new type of reporting with the substantiation of prices for transactions between interdependent persons.

A meeting with Lukashenka is scheduled to be held before the end of this month, where the Business Union of Entrepreneurs and Employers intends to raise the issue of reforming the tax system. The union is convinced that it's time to adjust the tax administration, the principles of levying real estate tax and land tax, expand the usage of the simplified tax system. In addition, the system of compulsory social charges is far overdue to be reformed.

The Business Union of Entrepreneurs and Employers intends to organize an international practical conference to discuss the reform areas in March 2018.