Belarus’ Tax Ministry speaks against security deposits for entrepreneurs

17.10.2017 09:12 / Belarus

MINSK – Belarus’ Ministry of Taxes and Duties is opposed to the idea of introducing security deposits, which would act as insurance against criminal responsibility for businessmen involved in an economic offence, Tax Minister Sergey Nalivaiko told reporters on Monday.

As previously reported, there is a president’s draft decree on security deposits for businessmen. The draft decree introduces the idea of security deposits in any currency that can be voluntarily placed by companies and self-employed businessmen on a bank account at Belarusbank in order to secure the repayment of taxes, duties and fines; criminal incomes; incomes resulting from administrative offences; damage recovery liabilities. The draft decree comes up with a list of economic offences that can be covered with a security deposit. The list includes damage to property (other than theft), contraband, customs tax evasion, unlawful business activities, concealment of bankruptcy. The minimum amount of a security deposit stands at Br50,000 ($25,470).

Asked whether the Tax Ministry has been considering legislation on security deposits for businessmen, Nalivaiko answered in the negative. In his words, the ministry indeed considers on the level of experts a lot of proposals made by business unions and individuals, including proposals sent in via the Internet.

“In my opinion, the idea does not deserve attention and no further steps will follow,” BelTA reports citing Nalivaiko. The minister reaffirmed the moratorium on new taxes and duties in Belarus.


Read also

26.09.2018 09:36
A series of contracts worth around $60 million to ship timber harvesting machinery, road construction equipment and trucks to Zimbabwe were signed during the latest visit to the African country by Vik...
25.09.2018 17:26
The BelAZ CEO said: “A serious document has been put together on designing an electric dump truck together with a Canadian company. We intend to get finance from the Canadian company as part of this s...
25.09.2018 16:31
The House of Representatives, the lower house of Belarus parliament, is planning to review the bill to ratify the articles of the Asian Infrastructure Investment Bank (AIIB) agreement during the autum...