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Belarus' taxation bill passes second reading

MINSK ( BelTA) – The bill "On Amending Laws on Taxation" passed the second reading at a sitting of the tenth session of the House of Representatives of the National Assembly of Belarus of the seventh convocation, BelTA has learned.

The bill provides for systemic measures to improve the tax legislation, taking into account the experience of its practical application, to achieve an optimal level of tax burden on the economy and to further ease the procedure for calculating and paying specific taxes.

The Standing Commission on Budget and Finance of the House of Representatives noted that the tax legislation in 2024 will aim to stimulate the economic growth of enterprises, to form the revenue part of the country's budget and to implement social programs and basic development programs by the state.

Among the innovations are the windfall tax, small businesses stimulation measures. It also provides for innovations in tax administration and strengthening the role of MPs in defending the interests of voters.

The changes will also affect individual entrepreneurs. Income tax will be set at 30 % on the annual income over Br500,000. This applies to such businesses as wholesale, retail and cargo transportation.

The administration norms are mainly related to digitalization. Self-employed entrepreneurs will be required to submit a report in an electronic form only. The move is designed to switch away from paper-based processes.