Fri, 20/02/2015 - 17:57
MINSK, 20 February (BelTA) – The Belarusian Finance Ministry suggests raising the income tax rate and the size of the part of the revenues, which is subject to contributions to the Social Security Fund, for employees of the Hi-Tech Park of Belarus, the Ministry's press service told BelTA commenting on the relevant draft presidential decree.
According to the source, the novelty will not annul the tax preferences granted to natural persons that receive revenues from Hi-Tech Park resident companies and non-residents (the rate of the income tax is 3% below the standard one). The novelty is supposed to ensure social justice with regard to the majority of the nation since the rate of the income tax they pay has already been raised from 12% to 13%. In other words, this measure is designed to ensure equal participation in maternity capital financing by raising the income tax rate by 1% for the entire nation, the source said.
The press service reminded that the general rate of the income tax was raised for all categories of natural persons from 12% to 13% as of 1 January 2015 for the sake of forming sources to finance maternity capital. The preferential rate of the tax on income of individuals that receive revenues from Hi-Tech Park resident companies and non-residents has not been raised up till now. Plans have been made to raise it from 9% to 10%.
The Belarusian Finance Ministry believes that a 1% increase in the income tax rate will not drastically affect salaries of Hi-Tech Park employees since, judging from their average salary in 2014, the extra sum they will have to pay will be roughly Br184,000.
Representatives of the Belarusian Finance Ministry also said that they would like to raise the size of the part of the revenues of Hi-Tech Park employees, which is used to calculate mandatory insurance fees, from one average salary calculated across the country to two average salaries. The measure is designed to bolster social guarantees of these workers by raising the size of the state social insurance disbursements (pensions, welfare benefits, including temporary disablement ones) available to them. The preferential taxation of Hi-Tech Park residents will stay in place because as far as revenues of other citizens are concerned, the upper limit of the revenues, which are subject to mandatory insurance fees, equals five average salaries.
source: http://eng.belta.by/all_news/economics/Higher-income-tax-for-Belarus-Hi-Tech-Park-due-to-maternity-capital_i_79794.html
* The Forsecurity.org is not responsible for the content of external websites. However, the Experts of the Foreign Policy and Security Research center can comment the news from external sources. Feel free to
contact us.
