Belarus' revised Tax Code given second reading

The bill on introducing amendments to the Tax Code of the Republic of Belarus passed its second reading in the House of Representatives.

Presenting the draft bill, Deputy Chairman of the Permanent Commission on Budget and Finances Alexander Myakinnik noted that the major changes in the taxation legislation include increased rates of excise duties on excisable goods, except for automobile fuel and beer. The draft document envisages the reduction of rates of excise duties on oil products by 22% on average as against 2014, the increase of the income tax rate for banks and insurance companies from 18% to 25%, the increase of the income tax from 12% to 13% to improve the level of state support for families with children.

In his words, the revised document envisages the possibility for the property-related tax deduction in leasing agreements with the subsequent purchase of the house or the apartment for the people on the housing register. The document will also provide for the zero rate on VAT in respect to services to maintain and repair trucks of Belarus' non-residents and other changes.

On the whole, the draft law addresses the most urgent issues in taxation, further simplification of tax calculation and payment.