Belarus imposes a wide array of taxes on business and citizens. In 2002, the corporate income tax for resident companies was 30%. Companies with profits of over 5,000 times the minimum wage are taxed an additional 15% under certain conditions. Joint ventures in which foreign participation is more than 30% are eligible for a three-year tax holiday.
The main indirect tax is the country's value-added tax (VAT) with a standard rate of 20% and a reduced rate of 10%. Other consumption taxes include a 3% turnover tax and excise taxes ranging from 10% to 75%. There are also taxes on the use of natural resources, including the Chernobyl nuclear plant. Individual income is taxed according to a progressive schedule of rates ranging from 12% (up from 4.7%) to 30%. There is a64.8% employer payroll tax for social security and employment taxes. There are also direct taxes on property and land.
Comment about this article, ask questions, or add new information about this topic: