Controversial Changes To Tax Code To Be Introduced

The Ministry of Finance will raise taxes on individual entrepreneurship and will take control of foreign accounts.

The Ministry of Finance has published a draft law on amending the Tax Code. If it is adopted, the new edition will come into force in January 2018, the website Belarusians And Market writes. One of the new things to be introduced – individuals and individual entrepreneurs will be obliged to provide information about their accounts abroad within 30 days from the date of their opening. Also, the new edition contains provisions, according to which it is required to transfer information on the opened in Belarus banking accounts of non-residents to tax authorities of the countries, which has concluded relevant agreements with our country.

The new edition will determine the revenue limit allowing the individual entrepreneurs not to pay VAT. It will be 90 thousand rubles. If the revenue, excluding taxes and fees paid from the revenue, exceeds this limit, then the individual entrepreneur must pay VAT. As before, revenue does not include revenues from activities, upon which a flat rate tax is paid. Now this limit is 40 thousand euros.

The draft also provides for changes in the issuance of electronic invoices by media editors.

They were given the right to create one electronic invoice in a calendar month, reflecting the print media sold by subscription through the postal operator within the calendar month (the minimum subscription period).

The draft also sets the marginal rates for the single tax on individual entrepreneurs and individuals. Decisions on specific rates are made by local authorities. However, judging by some limiting values prescribed in the draft, the rates might grow.

Now the single tax for the trade in vehicles in Minsk is 337 or 439 rubles per month, depending on the sole trader’s place of work.

Tax rates for the rental of living space (per room) are set in the draft within the limits of 16.47-65.42 rubles.