The House of Representatives of the National Assembly of Belarus has adopted a draft law on amendments and additions to the Tax Code in the second reading on October 8.
The amendments enforce the Tax Free mechanism, which means reimbursement for VAT on goods foreign citizens purchase in specialized stores on the Belarusian territory. This is expected to promote tourism and legal export of goods.
The MPs also formalized the procedure to determine the weighted average price for potash fertilizers sold abroad. Finance Minister Andrej Kharkaviec had said earlier that there were plans to introduce a more gradual change in the interest rate on tax by introducing an additional price range for potash fertilizers from $400 to $500 per one tone and the withdrawal rate of 11 per cent. This will formalize the single mechanism of skimming excess profit from production of potassium salt taking into consideration the global environment.
The draft law also provides for lower tax rates for economic operators using the simplified taxation system (5% instead of 7% without paying VAT and 3% instead of 5% with VAT). The workforce limit will also be revised to allow 50 employees instead of 15.
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