Here is a summary of VAT (Value Added Tax) rates in Belarus:
VAT Rates in Belarus
| Category | VAT Rate | Notes |
|---|---|---|
| Standard Rate | 20% | Applies to most goods and services. |
| Reduced Rate | 10% | Applies to certain goods such as food products and medicine. |
| Zero-rated Supplies | 0% | Includes exports of goods and services and international transport. |
| Exempt Supplies | Exempt | Includes financial services, insurance, medical services, and education. |
Detailed Explanation:
- Standard Rate (20%): This is the general VAT rate applicable to the majority of goods and services in Belarus.
- Reduced Rate (10%): This rate is applied to specific goods and services, such as essential food products and certain medicines.
- Zero-rated Supplies (0%): Exports and international transport services are typically zero-rated, meaning VAT is not charged, but businesses can reclaim VAT on related inputs.
- Exempt Supplies: Certain services and transactions are exempt from VAT. This includes financial services, insurance, healthcare, and education services.
Additional Points:
- VAT Registration: Businesses must register for VAT if their taxable turnover exceeds a certain threshold set by the tax authorities.
- Intra-community Transactions: Belarus is not an EU member, but it follows similar principles for exports and international transactions, aligning with its own trade agreements and regulations.
These VAT rules are enforced by the Ministry of Taxes and Duties of Belarus and are subject to change based on economic and regulatory adjustments.