Page 75 - Tax Code News Today

Inflation in Belarus is within the tolerance band, the situation on the financial market is stable, Belarus' Prime Minister Roman Golovchenko said.

The Belarusian economy has proved resilient and adaptable to external shocks, Belarusian Prime Minister Roman Golovchenko said during a meeting with the Parliament.

According to him, real wages are projected to go up by 3.9% in 2024. “The average gross monthly salary will be Br2,087 in the economy as a whole, and Br1,634 in the public sector,” added the prime minister.

"Taking into account the measures taken to meet the targets, the government estimates the growth of gross domestic product at 3.8% in 2023," Roman Golovchenko said.

“I won't dwell on the conditions in which the economy has to function. They are well known. Taking into account the unrelenting external pressure, the government has concentrated its efforts on bolstering the real sector of the economy and households,” said Roman Golovchenko.

While drafting the 2024 budget, an agreed decision was made to tie the budget to the economic development forecasts. Social focus will be a priority of the next year's budget.

As in the previous years, Belarus continues implementing measures aimed at supporting public sector employees, including their target categories (doctors, teachers), and also low-paid workers.

Excess-income tax will help ensure social justice, Belarusian Taxes and Duties Minister Sergei Nalivaiko told the media.

“The target task for the country's National Bank and the government is to take measures to limit inflation to 6% [December 2024 to December 2023]. To achieve the most important parameters of the forecast defined by the decree, the government is set to approve the target social and economic development plan for the next year,” Roman Golovchenko said.

For many years now, the right of taxpayers to claim for value added tax refund has been constrained and limited. The Court of Tax Appeals (CTA) has been consistent with its stand that in a claim for refund, before the unutilized input VAT of prior quarters can be applied to the current quarter’s output tax,