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Belarus - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The standard tax rate is 30%, An additional tax of 15% is applied to companies with a profit 5 000 times superior to the minimum wage, 200 employees in average in the industry, 100 employees in scientific services, 50 employees in the construction and municipal services and 25 employees in retail trade and other services,
Joint ventures with foreign participation amounting for more than 30% of the capital are exempted from taxes during the first three years of activity,
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Income tax
Fiscal year |
The fiscal year begins on January 1st and ends on December 31 of the same year.
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Income tax rate |
The rate is progressive from 12 to 30%,
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VAT rates
Standard rates |
The rate is 20% for most of the products and services,
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Reduced rates |
10% for farm products, There is no rate applying for some products and services as medical services, cinema, cultural events, theater,
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Accounting
Introduction
Only three types of accounting documents are recognized and authorized in Byelorussia. They are different according to companies status : business companies, financial institutions and non-profit organizations.
General accounting principles
The Balance sheet
It must be published the first day following the end of the previous recording period.
- Assets
1 - long-term capital
2 - fixed assets
2 - current assets
- Liabilities
1 - sources of possessed capital
2 - long-term obligations
3 - credit and other obligations
The profit and loss account :
1- financial result
2 - distribution of profits
3- budget expenses
4- overheads on out-budget expenses and other capital
5-movement of financial resources for investments in capital or other financial investments.
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Obligations and publications
There are no particular rules which require the annual publication of financial reports and their certification by a auditor.
Certification and auditing
The controls of audit are compulsory for companies quoted in the stock exchange, joint-venture companies and foreign companies.
Professionals and representative organizations
The "The Belarussian Association of Accountants" regroups the majority of the Byelorussian accountants.
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Last modified in
January 2003
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