State to reduce entrepreneurs’ political activity

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April 22, 2016 18:44

The single tax rate for entrepreneurs in Minsk will rise by 14-18%, not by 40% as originally planned.

Ahead of the local elections, the authorities have decided to reduce the political activity among individual entrepreneurs. The single tax rate, which is set by Oblast and Minsk City Councils, could have been used by the opposition to enhance the entrepreneurs’ political activity. The local authorities’ decision may significantly affect entrepreneurs’ participation in local elections, but when the election campaign is over, the government might revise the state budget’s funding sources.

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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.