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Belarus to cancel tax privileges for companies with foreign capital in 2005

In 2005, Belarus is to cancel profit tax privileges for companies with foreign capital, Finance Minister Nickolay Korbut said. The 2003 budget included BR100 billion for profit tax privileges, but now the number of privileges will be decreased.

The cuts will not effect joint ventures with at least 30% foreign capital, as, under the law, they are free from profit tax within three years from declaring profit.

The 2005 budget provides for a 910 billion Belarus roubles (BR) deficit, or 1.5% of GDP. Expenses are planned at BR19.16 trillion, and income BR18.25tn. In the first six months of 2004, the volume of foreign direct investment in Belarus was up 50% year-on-year to $430.9 million.

(NewsBase 24.ix.04)

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