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Leanid Zaiko to the Authorities: Guys, Keep Within Your Income

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Leanid Zaiko to the Authorities: Guys, Keep Within Your Income
Leanid Zaiko

Why did the Ministry of Finance announce a huge loss of money?

Finance Minister Maksim Yermalovich estimated the losses from the tax manoeuvre of Russia at $800 million over two years: "400 million this year and 400 million next year".

The Belarusian authorities have a leap of hope that in December Aliaksandr Lukashenka will agree with Vladimir Putin on the compensation payment. But what if he doesn't succeed?

Head of the Strategy analytical center Leanid Zaika notes in his commentary to UDF.BY that he strictly disagrees with the statement made by the Belarusian authorities about losses inflicted by the tax manoeuvre.

"These are not losses. This is the money that belongs to Russian taxpayers. Russia had no science-based formula of export duty at all. Yes, the authorities tend to steal from their population, but in theory, the tax manoeuvre is a logical decision," the economist believes.

Zaika does not consider it a tragedy that Belarus will lose $800 million in two years.

"This is $80 per citizen for two years. $3.3 per month. I don't understand why the authorities tend to pose the question philosophically and tragically. Belarus should put everything in its place. They have destroyed the GDP. We live off foreign loans. We pay $3-4 billion a year to service our debts (possible compensation for the tax manoeuvre is several times less!), and we seek money in Russia. By the way, we are raising our salaries. Last year Russians had almost no growth," the expert said.

Zaika even sees the situation as positive.

"We have to keep within our income. But we like to count other people's money. Guys, let's admit we have a poor economy, we do not work well," the economist said.

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