Belarus Gazettes Tax Overhaul Law

The Belarusian Official Gazette Jan. 4 published Law No. 141-3, to overhaul the tax code. The law includes measures: 1) introducing the obligation to establish beneficial owners for commercial organizations; 2) providing the calculation procedure for VAT on electronic services by foreign companies; 3) determining the tax deduction for petroleum producers; 4) setting the tax rate under the simplified tax regime at 16 percent for non-operating income, and at 6 percent for other income; 5) establishing entities and conditions to apply the simplified tax regime; 6) setting a 10 percent professional income tax rate, and a 20 percent rate for ...