Updated version of Tax Code comes into force in Belarus

An updated version of the Tax Code has been in force in Belarus since the beginning of the year. An income tax rate is introduced for individuals at 25% for those whose total annual income will exceed Br200 thousand. A unified property payment is introduced, which will include land, transportation and real estate tax. Transportation tax rates have been raised. Special attention should be paid by owners of luxury vehicles. Young specialists will pay less taxes. For organizations with a tax base of income tax over 25 million rubles the rate is increased from 20 to 25%. Individual entrepreneurs work without VAT, while individual entrepreneurs, whose revenue will exceed Br500 thousand, will be obliged to register a commercial organization.