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Friday, 19 October 2018 14:39

Plans to change definitions of Belarusian, foreign companies in new Tax Code scrapped

The new Tax Code will not change the definitions of Belarusian and foreign companies, representatives of the Entrepreneurship Development Council told BelTA.

An Entrepreneurship Development Council session took place on 17 October to discuss problems of the draft Tax Code. According to the petitions the council receives and according to mass media publications, Belarus' private sector was most concerned about oversight over transfer prices (chapter 11 of the General Part of the Tax Code) and the procedure for recognizing foreign companies as Belarusian tax residents (articles 15 and 16 of the General Part).

Participants of the discussion agreed it would be advisable to leave the existing Tax Code definitions of Belarusian and foreign companies unchanged. Adjusting the criteria for recognizing foreign companies as Belarusian companies had been previously suggested. If the suggestion had been approved and the Tax Code had gone into effect, such companies would have had to pay taxes from their entire world revenue.

Participants of the session also agreed amendments to a number of Tax Code articles concerning the transparent application of transfer prices and oversight over their applications.

Representatives of the private sector noted that taking into account the agreed amendments the draft Tax Code meets expectations of the private sector on the whole.

The session was chaired by First Deputy Prime Minister of Belarus Alexander Turchin, who is the chairman of the Entrepreneurship Development Council. Belarusian Tax and Duties Minister Sergei Nalivaiko, Deputy Tax and Duties Minister Ella Selitskaya, representatives of the Finance Ministry took part in the session as well as representatives of the Business Union of Entrepreneurs and Employers named after Professor M.S. Kunyavsky, the Belarusian association of international road carriers BAMAP, and the Minsk City Union of Entrepreneurs and Employers.

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