Lukashenko signed a law on taxes on excess income – Kommersant

President of Belarus Alexander Lukashenko approved amendments to the Tax Code. Among other things, they provide for increased rates on excess income.

The income tax rate will increase from 13% to 25% for individuals with an annual income above 200 thousand Belarusian rubles. (5.7 million rubles at the rate of the National Bank of Belarus). The rate for individual entrepreneurs with an income of more than 500 thousand Belarusian rubles. (RUB 14.1 million) will increase from 20% to 30%. For companies whose tax base exceeds 25 million Belarusian rubles. (RUB 705.7 million), the rate will increase from 20% to 25%. A tenfold transport tax rate is being introduced for luxury vehicles less than three years have passed since their release.

Minister of Taxes and Duties Sergei Nalivaiko in October saidthat there is no need to expect “crazy amounts of additional revenue” from the tax. According to him, this is due to the fact that in the country “there is no large stratification” of the population by income. The minister explained the innovations as a “request for social justice.”

Leonid Uvarchev