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Ministry of Finance invents new taxes and raises old ones

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Ministry of Finance invents new taxes and raises old ones

Experts think the main reason for such steps is the lack of money in the state budget.

The Ministry of Finance has prepared the bill titled “On amendments to the Tax Code of the Republic of Belarus”. The document proposes raising income tax to 16% for those whose spending exceeds income. The current tax on the difference between income and expenditures is 13%, Radio Svaboda reports.

Those who rent out flats, parking spaces or non-residential spaces without rental agreements must pay the income tax increased by a factor of 5. The exact size of tax rates is set by regional councils and the Minsk city council depending on the category of a town.

The draft law proposes imposing an income tax on gamblers. It is proposed to add the following amendment: “An income tax rate of 4% of gambling winning income received by individuals from gambling organisations shall be imposed on individuals.”

Economist Aliaksandr Sasnou comments on the initiatives of the Ministry of Finance:

“To begin with, I must say that it is just a way to look for money. There's no money in the budget. It's bad that an individual approach is not used. For example, one can receive remittances from relatives and he may spend more than his legal income. I don't doubt that people will find a way out, but it will leave a bitter taste. As for raising income tax rates on renting out premises, it will affect tenants. They will have to compensate their landlords for increased spending. It is good if they will have money to pay, otherwise the state will again suffer losses. In short, the government wants to earn money by doing nothing.

Taxes on gamblers won't allow the state to become richer. Income from gambling can fall drastically. If earlier gamblers knew they didn't need to pay for their winnings, they now will look for loopholes. As a result, incomes will move into the shadow,” he said.

A tax on craftsmen, which is currently 1 basic amount (180,000 rubles), may also be increased. It is proposed to raise the tax rate to 4 basic amounts for all craftsmen except disabled persons and pensioners.

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