Tax ‘Surprises’ For Belarusians

The innovations are planned to be introduced in 2024.

Officials discuss tax changes for 2024. Possible amendments are provided for both the population and legal entities. One proposal is to introduce an additional standard income tax deduction for young professionals.

Zerkalo tells what other changes may be introduced with regard to taxes.

According to the Minsk Metropolitan Union of Entrepreneurs and Employers, a meeting of the Advisory Council on Tax Policy under the Ministry of Finance was held in early August to discuss changes to the Tax Code.

Among other things, officials want to allow payers of the professional income tax to contribute more funds to the state budget so that this money goes to the Social Security Fund for a future pension. “Granting the right to individuals (under consideration — edit.) to pay tax on professional income at an increased rate with the transfer of the additional amount of tax paid to the budget of the Social Security Fund,” the Minsk Metropolitan Union of Entrepreneurs and Employers specifies.

Now the issue is also being considered in order to introduce an additional standard tax deduction for income tax for young professionals, workers, employees, employed in the direction of educational institutions from 2024. MP Maryna Vasko spoke about this earlier.

According to the Minsk Metropolitan Union of Entrepreneurs and Employers, a profit tax exemption may be introduced for the founders of agricultural organizations. Officials are also considering the option that non-operating expenses include money that was used to purchase and build agricultural property.

One possible tax amendment concerns the application of an investment deduction. They are considering an option to increase this deduction and the period of its application (including for large payers implementing investment projects). Officials are thinking about giving businesses the opportunity “not to recover the investment deduction by including its amounts in non-operating income in relation to buildings, structures and transmission devices used in business, leased out,” the Union reports.

Important to note, officials also want to innovate on property tax, but the details are not disclosed.