At the end of January 2018 the President signed Decree No. 29 On Taxation, introducing a vast, though moderate, set of amendments to the Belarusian tax system. A significant number of amendments set up new basic rates for the following taxes and deductions:

  • excises;
  • land tax;
  • environmental taxes;
  • severance tax;
  • unified tax on individual entrepreneurs and individuals;
  • amount of personal income tax deductions.

In addition, the Decree increases the thresholds by 20% and thus allowing a simplified taxation system. As a result, the maximum revenue under this system with payment of VAT amounts to BYN 1,851,100 (approx EUR 752,000) and without payment of VAT to BYN 1,270,100 (approx EUR 516,000).

Further amendments improve the procedure for using electronic invoices for VAT payment. These invoices are no longer required in regard to goods and services which are not subject to VAT, and in all other cases the period for invoice submission is now 10 days longer.

The Decree also introduces other changes, such as an amended procedure for calculating the base for land tax and accounting for the exchange rate in calculating VAT and income tax.