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Belarus To Hike VAT To 22pc

by Ulrika Lomas, Tax-News.com, Brussels

06 August 2013


The Belarusian Ministry of Finance has announced plans to hike the nation's value added tax rate to 22 percent from 20 percent to fund a 3 percent reduction in the tax rate on corporate profits.

The hike is aimed at establishing a more stable revenue base, reducing the country's reliance on procyclical corporate tax revenues.

The Government explained that the shift from direct taxes to indirect taxes will support the nation's competitiveness, in particular domestic exporters whose exports will be zero-rated but will benefit from lower tax rates on profits. The nation is to retain the ten percent reduced rate on a number of staple goods, the Government has confirmed.

TAGS: VAT rates | tax | value added tax (VAT) | fiscal policy | tax rates | Belarus

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