What Will Happen To Pensions?

Debts on taxes and social insurance in Belarus have reached their maximum.

Officials have updated the information on the accounts payable for taxes, fees and social insurance. Summing up the results and making a forecast for the next months, writes banki24.by.

As of March 1, the accounts payable for taxes and social insurance reached BYN 3.934 billion. The growth since the beginning of the year was 7.3%. For comparison: for the entire 2020, the amount of debt increased by 6.8%, in 2019 - by 6%.

The absolute value of the debt of the flagship enterprises has become the largest since the statistics were kept using the current methodology. The previous maximum was equal to BYN 3.668 billion. The first place in terms of debt is occupied by enterprises registered in Minsk.

By March 1, the volume of accounts payable of these flagships amounted to BYN 1.496 billion. Since the beginning of 2021, this amount has jumped by 6.5%. Enterprises from the Homel region showed the fastest growth in accounts payable with regard to taxes and social insurance - by 26.7% since January 1. The amount of debt in this region was at the level of BYN 621 million.

The flagships of the Minsk region lagged behind the Homel residents only slightly in terms of growth rate. Their debts increased in 2021 by 24.3% to BYN 698.8 million. The bulk of the obligations is created by the industry of Belarus - 1.926 billion BYN.

The increase since the beginning of the year was 8.4%. Within the industry, the leadership in the amount of debt was taken by the food industry. As of March 1, the food industry’s accounts payable amounted to BYN 588.3 million. The second place was taken by oil refining (287.2 million BYN), the third - by the energy sector (241.9 million BYN).

Outside industry, large liabilities have been accumulated by retail trade (450.5 million BYN), transport (442.6 million BYN), information and communications (218.6 million BYN), wholesale trade (180.4 million BYN) and agriculture (165 , 4 million BYN). It is known that agriculture and the food industry, as a rule, constitute a single agro-industrial complex.

Therefore, the total debts of the agro-industrial complex can be regarded as the largest in the country (about 750 million BYN). In each of the industries separately, the obligations are less. The dynamics of the accounts payable regarding taxes and social insurance is subject to a certain pattern. In the first month of the quarter, it usually falls and then rises.

Statistics on the status of calculations comes out with a certain lag. For example, the March results will be announced in mid-May. Based on this nature of changes, the data for April 1 will show a new record for the volume of obligations, and then there will be some rebound back, and continued growth to new records in May and June.