Belarus Plans to Increase VAT in 2008

In preparation for the 2008 budget proposal, different measures for reduction of the overall tax burden are being investigated in the Byelorussian government, reported Belta. There are plans to eliminate the turnover tax. The resulting losses from this measure will be compensated through increases in the Value Added Tax (VAT). According to the First Deputy Minister of Belarus Andrei Kharkovtsev, as reported by the information source, the new VAT will be between 22 percent and 24 percent. The deputy minister also stated that the Ministry of Finance expects Belarus’ budget deficit in 2008 to make up no more than one percent.

This information was originally published June 28, 2007 (www.belta.by)

-- 07/01/2007