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Belarus to ratify tax treaties with Indonesia, Singapore

MINSK, 19 July (BelTA) – The House of Representatives of the National Assembly of Belarus is set to ratify intergovernmental double taxation agreements and agreements to prevent tax evasion with Indonesia and Singapore at the autumn session, BelTA learnt from Deputy Chairman of the Permanent Commission for Budget and Finances of the House of Representatives of Belarus Alexander Myakinnik.

The MP reminded that the both agreements were signed during the visit of Belarusian President Alexander Lukashenko to Indonesia and Singapore in March 2013. Alexander Myakinnik emphasized that 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, etc. The MP explained that 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.

Alexander Myakinnik informed that the documents establish reduced tax rates compared to tax rates established by Belarusian legislation. For example, the tax on dividends is lower than the regulatory one.