National Bank reduces share of forex revenues firms have to sell
As of February 205th, the National Bank reduced the share of foreign-currency revenues that Belarusian companies are obliged to sell to 40% from 50%. This action has been taken in order to demonstrate the foreign exchange market stabilisation and reduce devaluation moods. As a result, Belarus anticipates increasing foreign currency revenues, reducing external current and overdue receivables, and cutting payment terms under export contracts. In the future, the requirement might be reduced to 30%, but this will depend on the situation with imports and on the results of talks with Russia over financial aid to Belarus.
The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.