A draft bill on introducing additions and amendments to the Tax Code passed the first reading at the Belarusian parliament on 11 December, BelTA has learned.

The draft bill provides for the increase of the income tax rate from 12% to 13%. The funds will be used to support families with children, Finance Minister Vladimir Amarin said as he presented the draft bill in the House of Representatives.

The draft bill also envisages the raising of excise duty rates for all groups of excisable goods, except for automobile fuel and beer. In particular, excise duties on strong alcohol will be increased by 6%; excise duties on cigarettes will be raised by 15-30%. At the same time, there are plans to reduce excise duties on oil products by 22% on average as against the level of 2014.

Besides, there are plans to increase the profit tax rate for banks and insurance companies from 18% to 25%. In order to expand the resource base of the budget it is planned to introduce a special duty on the right to export crude oil extracted in Belarus. Read the full story Amendments on income tax increase pass first reading in BELARUS