VAT, profit tax rates unchanged in Belarus for 2014

Plans have been made in Belarus to keep the existing rates of the VAT and the profit tax in 2014.

The information was released by Oleg Seliverstov, Deputy Head of the Central Office for Budget Policy of the Belarusian Finance Ministry, at the expanded participation session of the House of Representatives of the National Assembly of Belarus on 12 November.

Speaking about tax policy prospects in 2014, Oleg Seliverstov remarked that the existing rates of the value added tax and the profit tax will change. The rates of excises on automobile fuel, tobacco, and strong spirits will be raised by 14.5% on the average, by 24-40%, and by 27.3% respectively. As far as the other excises are concerned, their rates will be indexed within a 20% limit, specified the official.

The Finance Ministry representative underlined that in 2014 the tax policy will continue going for the previously set goals and tasks, which are primarily geared towards replenishing state budget revenues in a steady manner.

Among the proposals the government has made with regard to the next year’s tax policy Oleg Seliverstov mentioned the introduction of the transportation tax, which is collected from owners of vehicles in other countries. The government also suggests introducing a state duty for authorizing a vehicle to use public roads.

The draft central state budget for 2014 was discussed at the joint expanded participation session in the House of Representatives. The session gathered MPs and representatives of ministries. Materials concerning the document had already been submitted by the Council of Ministers to the parliament and parliamentarians are busy working with them.