IT sector results for 2021: Belarusian Silicon Valley

Portal dev.by has compiled an annual report of indicators of the IT sector of Belarus to show its contribution to the economy.

GDP

In 2021, the IT sector provided a 0.7% increase in Belarus' GDP. In 2020, the growth from this sector was 0.4%.  Only the industrial sector showed greater growth.

IT share in GDP was 7.4%. By the end of 2020, it was 7.3%.

Taxes

In 2021, the Hi-tech Park brought BYN33.5 billion ($13.4 billion) in tax to the budget. This is 1.54% more than in 2020. IT companies from HTP brought almost BYN736 million ($290 million) to the tax budget. Over the year, tax deductions in foreign currency increased by 69%.

In terms of the amount of tax payments, HTP IT companies outstripped the car trade, agriculture and forestry, the production of machinery and equipment, and the production of chemical products.

The amount of income tax per HTP resident for the quarter of 2021 ranged from $60 thousand to $77.5 thousand. This is 3 times more than the income tax of companies in the manufacturing industry, 11 times more than the tax in wholesale and retail trade. And13.2 times more than the tax in construction.

Exports

In 2021, IT companies in Belarus exported products worth $3 billion. This is $170 million more than in 2020.
The share of IT services in the total volume of all services was 29.3%. For the same period in 2020, the share was 28.4%. Only transport services have a higher share.

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Photo: it-tech.by