Belarus to ratify tax treaties with Indonesia, Singapore
The intergovernmental double taxation agreements and agreements to prevent tax evasion between Belarus with Indonesia and Singapore were signed during the visit of Belarusian President Alexander Lukashenko to Indonesia and Singapore in March 2013. These agreements will greatly benefit the domestic economy and facilitate establishment of new factories assembling Belarusian machinery in these countries and ease the access to the markets of Southeast Asia.
The agreements envisage tax sharing and exchange of information between tax authorities, and establish reduced tax rates compared to tax rates established by Belarusian legislation. For example, the tax on dividends is lower than the regulatory one. The agreements formalize the right of Belarus and the abovementioned countries to tax revenues obtained by legal entities and individuals of one of the participating state in the other one. The agreements extend to income tax for individuals and taxes on profit and revenues. The agreement with Indonesia also deals with the tax on real estate.
The House of Representatives of the National Assembly of the Republic of Belarus is set to ratify intergovernmental double taxation agreements and agreements to prevent tax evasion with Indonesia and Singapore at the autumn session.