Belarus, like all other members of the CIS, has adopted its own tax system after independence - the old tax system was based on Soviet principles and was of very limited scope.
The principal tax law introduced from 1 January 1992 the following: profit tax, VAT, excises, taxes on the use of natural resources and on immovable property, import and export tax, land tax, fuel tax transit tax, stamp duty, and personal income tax.
The basic rate of profit tax is 30%, but foreign investors holding in excess of 30% can qualify for a three year tax exemption. VAT is applied at the rate of 20%.
Since then, a tax on the sales turnover of enterprises has been introduced at a rate of 5%. This tax is applicable only to sales of goods which are not considered to be goods of "first need". The list of such goods is determined by law and currently includes tobacco and alcohol.
The government plans to introduce several new taxes in 1995 and 1996.
Coopers & Lybrand
Coopers & Lybrand provides accounting, taxation and consultancy advice to companies and governmental bodies in the CIS as well as to overseas companies investing into the CIS.
This publication is intended for general guidance only and should not form the basis of specific decisions.
For further information contact the firm on +750 2225 8600, or enter text search 'Coopers & Lybrand' and 'Business Monitor'.