Belarus mulls over tax-exempt for private manufacturing enterprises
Belarus may exempt small and medium-sized businesses in the manufacturing sector from taxes for two years to promote growth.
The liberalized business initiatives may help Belarus overcome the difficult situation in economy and ensure economic growth, according to Mikhail Myasnikovich, Chairman of the Council of the Republic, the upper chamber of the National Assembly. Talking on the Galouny Efir show on Belarus 1 state TV channel on Sunday, he said the country is in need of a new economy and new enterprises, which in turn require investments but they are not available. The currently active enterprises have no profit, while bank loans are expensive. The government estimates the deficit of turnover means at $8.4 billion, according to Myasnikovich.
The Council of the Republic chairman reckons the country's economic targets can be met "through greater development of the private sector." It is proposed to exempt newly founded small and medium-size entreprises in the manufacturing sector from paying taxes, excluding mandatory insurance payments, for two years.
Myasnikovich is also the head of the intersectoral working group tasked to develop a program of the country's socio-economic development in 2016-2020. The program will be unveiled at the All-Belarusian People's Congress on June 22-23. Mikhail Myasnikovich refered to calculations when he said that it was realistic to achieve the gross domestic product volume at 110-115%, exports at 120-125% during the next five years. Households' income is expected to grow in real terms by 9-11% under the proposed plan, reports BelaPAN.