Tax and credit holidays in Belarus

Nowadays business in Belarus is going through hard times. Due to the borders closure, enterprises can neither export nor import goods. Self-isolation led to the collapse in the service industry. Many companies closed indefinitely in expectation of any improvements in the economic situation. Aiming to support Belarusian business, Tax and Duties Ministry of the Republic of Belarus is planning to provide Belarusian enterprises with tax holidays, Belta reports.

The numerous appeals of business unions to the Government did not pass without a trace. The Prime Minister of the Republic of Belarus instructed Tax and Duties Ministry to consider the possibility of tax breaks implementation. The tax privilege implies the tax deferment for Belarusian enterprises. Tax and Duties Ministry is going to work out all issues by the end of the month and make a final decision.

National Bank of the Republic of Belarus is also considering the implementation of credit holidays for enterprises. By means of changing the risk management requirements for banks, National Bank wants to create favourable conditions for banks to use an individual approach to lending depending on the situation for both companies and individuals.

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