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.