Belarus Tax Ministry Clarifies VAT Implications for Commercial Organization Created by Individual Entrepreneur

The Belarusian Ministry of Taxes and Duties Nov. 20 clarified certain VAT implications for a commercial organization created by an individual entrepreneur. The clarification includes that: 1) starting Oct. 1, a registered individual entrepreneur can create a commercial organization established by one person; 2) goods are transferred to the organization at a value increased by the amount of VAT; 3) the applicable regulation doesn’t allow a commercial organization to independently deduct VAT from the cost of goods received from an individual entrepreneur; 4) the sale of goods by the commercial organization is subject to VAT; and 5) the applicable regulation ...