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19 Dec 2011

Belarus’ House of Representatives pass 2012 budget

MINSK, 19 December (BelTA) – The House of Representatives of the National Assembly of Belarus passed the draft law “On the national budget for 2012” in the first reading on 16 December, BelTA has learnt.

The total revenues of the consolidated budget for the next year will make Br141,809.7 billion (27.8% of GDP). The major sources of tax revenues are VAT (32.2%), profit tax (10%), income tax (10.8%), tax revenues from foreign trade activities (17.9%), excise duties (8%).

The national budget for 2012 was formed on a non-deficit basis.

The draft national budget and targets for regional budgets and the budget of Minsk for the next year were developed on the basis of socioeconomic development programs, among other documents.

The tax policy stipulated by the 2012 budget is aimed to improve tax administration, adapt tax rates to the new pricing environment, improve the collecting of budget revenues, reduce the tax burden on small and medium-sized business, and encourage production of high-tech productions.

In 2012 the major targets for the government finances sector will be enhancing the stability and competitiveness of the national economy, guaranteeing execution of the financial obligations of the budget to external and domestic lenders, maintaining high quality of budget services and social protection of vulnerable groups of population.

The budget will remain socially-oriented. The bulk of the budget funds will be spent on salaries and wages, pensions, student allowances, other payments. Besides, the budgetary policy prioritizes healthcare and education.

The House of Representatives also passed in the first reading the draft law “On introducing amendments and addenda to the Tax Code of the Republic of Belarus”.

 

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