Belarus’ government has the terms of VAT deduction with regard to goods imported by business companies.
In accordance with President Lukashenko’s ordinance #396 dated October 28, Belarusian entities, which import products and sell them on the home market in an unmodified condition, shall have their import VAT deduction delayed by 60 days (down from 90 days).
The VAT deduction practice for import companies was first introduced in 2014 and made import companies pay VAT twice: when imported commodities cross the border, and when companies make their regular tax payments. In fact, entities ended up waiting for three months (90 days) to have their excess input VAT compensated, while the authorities could use the money for free during the three-month period. Starting on January 1, 2017 the payback period is reduced from 90 to 60 days. (Prime-TASS/Business World Magazine)
