OREANDA-NEWS. November 13, 2010. Belarus President Alexander Lukashenko has approved the bill amending the Belarusian Budget Code, the press service of Lukashenko said.

The bill adjusts the articles regulating receipt of revenues by budgets of various levels and specified the names of non-tax revenues and types of financed expenditures.

In order to strengthen the resource base of local budgets, it is planned to transfer the profit tax paid by local communal and private companies to local budgets, whereas profits taxes paid by republican enterprises will be split 50/50 between the republican and local budgets.

As a result, contingent liabilities will be removed from the state debt and debt of local administrations to a separate category.

Lukashenko also adopted amendments to the Tax Code of Belarus.

It is planned to abolish the local service tax, at 3% of profits, and local land development tax, at 5% of revenues, and three payments incorporated in the environmental tax.

Input value-added tax will be subject to tax rebates without limitations for payers making capital investments. This will increase companies’ own sources of investments and reduce the cost of investment products.

Furthermore, it is planned to alter tax payment procedures starting 2011 to improve tax administration practices. Starting 2011, profit tax declarations will be submitted once a year; the tax will be paid on a quarterly basis. Down payments of VAT and excise taxes will be abolished [six payments a month each].