Officials offer privatisation on unacceptable terms for investors

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April 22, 2016 18:48

Belarus’ State Property Committee has announced preparations for the privatisation auctions. The Committee has put the following requirements for the potential investors: a significant amount of investment, workers to retain their jobs, and other encumbrances, that will prevent the sale of the vast number of the assets – including the Mozyr Oil Refinery. These government’s actions vis-à-vis potential investors imply, that the government’s interference in the economy will only grow.

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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.