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Allocations To Innovative Funds Can Be Increased Up To 15-20%

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Allocations To Innovative Funds Can Be Increased Up To 15-20%
ANDREI KABIAKOU
PHOTO: BYMEDIA

The funds will be taken from the profit tax.

The government proposes to increase allocations to innovative funds up to 15-20% of the profit tax.

It was stated by the Prime Minister of Belarus Andrei Kabiakou at a meeting of the Council of Ministers, tut.by reports.

According to him, in 2018, if the innovative funds assimilate investments fully and if there are new breakthrough projects corresponding to the level of V-VI structures, it is possible to come up with an initiative to the president of Belarus to increase the percentage of deductions to innovation funds. "Today’s deductions to innovation funds amount to 10% of the profit tax, but it is possible to increase this standard up to 15-20% – as much as is needful. Such approaches will help to attract additional funds and to develop science," – Kabiakou said, according to the government's press service.

With regard to the use of funds in 2017, 100% of the funds of the centralized innovation fund were assimilated, however, the funds of local innovation funds remained unused (68.5% were assimilated). The most problematic were Hrodna region (33.6%), Minsk region (26.1%) and Brest region (63.5%). For the rest of the regions, the assimilation of funds amounted to 80% – 93%, the report said.

The issue of timeliness and completeness of assimilating the innovation funds was already considered at the meeting of the presidium of the Council of Ministers in October 2017. Andrei Kabiakou believes that the regional executive committees and the Minsk city executive committee have taken insufficient measures to assimilate these funds in full.

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