The reduction of the customs duty on the export of potash fertilizers will not substantially influence the state budget, Belarusian First Deputy Finance Minister Maxim Yermolovich declared after an expanded-participation session of the Budget and Finance Commission of the House of Representatives of the National Assembly of Belarus on June 14.
When asked whether this year’s state budget would be adjusted to accommodate the reduced export duty on potash fertilizers, Maxim Yermolovich explained that no adjustments would be necessary.
“We understand that the decision that has been made takes into account the way the budget is being executed now. All the adjustments relating to the revenues and expenditures will be made but we don’t think the reduced export duty on potash fertilizers will have a major effect,” stressed the official.
The first deputy finance minister said he was confident that while guaranteed revenues in the form of export customs duties would be lower, the profit margin would be increased.
“Respectively we will get considerable sums in the form of revenues from the potash industry and in the form of the profit tax and dividends from the state-owned shares in Belaruskali. I don’t think budget revenues will drop much,” he noted. (BelTA/Business World Magazine)
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