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Country News

24 March 2020

Belarusian companies might get tax holiday

There are plans to offer Belarusian manufacturers a tax holiday, Taxes and Duties Minister Sergei Nalivaiko told MPs on 23 March, BelTA has learned. 

The Taxes and Duties Ministry is exploring a possibility to provide a tax holiday to Belarusian companies. “Such an instruction was given by the prime minister. This option will be discussed jointly with the Finance Ministry and other related ministries and interested agencies,” Sergei Nalivaiko said. 

He noted that a tax holiday means a deferral of paying taxes, but did not go into details about it. “All these matters are under consideration. I believe a decision will be made by the end of the month,” the minister noted. 

Deputy Chairman of the Board of the National Bank of the Republic of Belarus Sergei Kalechits also spoke about possible accommodations for companies. The package of measures provides for relaxing risk management requirements for banks. “This will allow banks to be more flexible while treating companies and their loans depending on a situation,” he noted. 

Speaking about a possibility of allowing deferred payments for individuals, the National Bank recommended banks to treat every client individually. “If a customer really has certain circumstances, like an unpaid leave, loss of work related to the ongoing developments, banks should apply a flexible approach to the deferral of interest payments and repayment of the principle debt,” he said. 

The National Bank does not expect a significant accumulation of debts. “I do not think that debts will grow dramatically. After all, we do not believe that it will have a long-lasting effect. Taking into consideration the recommended mechanism, which is deferral of payments, I do not expect any dramatic developments here,” Sergei Kalechits said.

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