Ministry of Finance to Reduce Income Tax Rates by 2-4%


According to the Minister of Finance, the income tax rate can be reduced by 2-4% in Belarus from 2012. Andrei Kharkovets also does not exclude that income tax rate can be lowered to 18% in the event of the Belarusian economy's positive results and high growth rates.

At the same time it is offered to withdraw investment projects from taxing on profits up to full cost recovery, as well as to lower  tax rate on profits from the sale of high-tech goods, produced in Belarus, to 10%, the head of the Treasury said.

According to Andrei Kharkovets, it is also suggested removing the temporal and quantitative restrictions on the VAT return. Andrei Kharkovets believes that these measures will significantly replenish working capital of enterprises and encourage them to boost investment activity.

According to www.belta.by