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No decision yet to change Belarus’ Hi-Tech Park taxation terms

The decision to change the tax burden of the Hi-Tech Park of Belarus has not been made. The information was released by Belarusian Labor and Social Protection Minister Marianna Shchetkina during the expanded participation session of the State Construction, Local Self-Government, and Regulations Commission of the House of Representatives of the National Assembly of Belarus on 20 February, BelTA has learned.

When asked, the Minister commented on the previous day’s mass media reports regarding the planned increase in income tax rate and contributions of the Hi-Tech Park to the Social Security Fund. “The income tax rate has been raised from 12% to 13% in Belarus. The base used to calculate contributions to the Social Security Fund has been increased. At present it equals five average monthly salaries instead of four. The Hi-Tech Park pays the income tax rate of 9%, with the base for contributions to the Social Security Fund as low as one salary averaged across the country. We have decided to suggest raising their income tax rate by 1% and raising the base for contributions to the Social Security Fund up to two salaries averaged across the country,” said the official.

The Labor and Social Protection Minister stressed that since the Hi-Tech Park enjoys preferential taxation terms and the IT industry is a special one for Belarus, the head of the Hi-Tech Park administration had been invited for a meeting to the Council of Ministers. “We heard out all the arguments, took their calculations and decided to have another look, weigh the options, and then make the decision, this is why I can definitely say that no decision has been made yet. We are discussing it,” noted the official. The Minister also stressed that they had worked out business plans with certain indicators in mind, this is why “it is not a good idea to change something taxation-wise in the middle of the year. It is better to plan these changes for 2016”.

First Deputy Prime Minister of Belarus Vasily Matyushevsky also confirmed that no decision had been made yet with regard to the Hi-Tech Park of Belarus.