Changes to the tax system, supported by deputies, will become a cornerstone for further business development - expert
04/10/20120 views
4 October, Vitebsk /Diana Kurilo - BELTA/. Private business has positively assessed the draft budget for 2013, approved in the first reading by the House of Representatives. The opinion of entrepreneurs of the Vitebsk region was summarised in a conversation with a BELTA correspondent by Nina Lukyanova, Executive Director of the public association "Association of Employers and Entrepreneurs".
"The draft budget contains at least three key points that, if fully approved, could become a support for the further development of private initiative," believes the interviewee. The developers of the draft budget proposed to increase several times the tax rate on unused property. "This will become an effective incentive for its involvement in circulation, including with the participation of small and medium-sized businesses," explained Nina Lukyanova.
Another point is directly related to small businesses and concerns the increase in the criteria for applying the simplified tax system. "This is a serious step in implementing the principle of partnership between the state and business, which can significantly facilitate the activities of entrepreneurs," believes the expert.
The change in the procedure for forming innovation funds will bring real benefits to businessmen. A single rate of deduction to innovation funds is established for all enterprises, amounting to 10% of the profit tax amount. At the same time, the profit tax rate and the tax burden on organisations of all forms of ownership will not change, and deductions to the funds will be made by financial authorities from the amounts of profit tax paid by economic entities.
"All these proposals were submitted by the business community during the discussion of draft laws aimed at liberalising the country's economy, and it is gratifying that they have been taken into account by the government and have found support from the deputies," emphasised the interviewee.
The House of Representatives of the National Assembly of Belarus adopted the draft law on the republican budget for 2013 in the first reading at a meeting on October 2. The draft republican budget has been formed on a deficit-free basis. The total amount of consolidated budget revenues for 2013 is projected at Br197.41 trillion, or 31.3% of GDP. Revenues under the draft republican budget are envisaged at Br121.72 trillion, or an increase of 26.1% compared to the expected performance in 2012. The main sources of tax revenues for the republican budget are value-added tax, excise taxes, and tax revenues from foreign economic activities. Consolidated budget expenditures for 2013 are projected at Br197.41 trillion. Expenditures under the draft republican budget are formed at Br121.72 trillion.
The main features of the draft republican budget for 2013 include the formation of innovation funds from the profit tax paid by organisations, changes in the approaches to crediting profit tax to the budget of Minsk, and the introduction of a non-tax payment for gas supply organisations. In 2013, the main goals for the public finance sector will be to enhance the stability and competitiveness of the national economy, ensure the guaranteed fulfilment of the budget's financial obligations to external and internal creditors, maintain the quality of budget services, and provide social protection for vulnerable population groups.
It is expected that the House of Representatives of the National Assembly of Belarus will consider the draft budget for the next year in the second reading on October 8. -0-
BELTA