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Belarus Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
9,527,543 (July 2018 est.)GDP (PPP)
$179.4 billion (2017 est.)State-owned entities account for 70-75% of GDP
GDP growth rate
2.4% (2017 est.)Back to growth after 4 years of stagnation. The main reason of poor GDP growth in previous years was the of falling global prices on key Belarusian export commodities
GDP (PPP) per capita
$18,900 (2017 est.)Low
Local currency
Belarusian ruble (BYN)New ruble (BYN) was introduced in 2016. Quite stable in the last 2 years.
Financial stability (Public debt)
53.4% (2017 est.) of GDPMedium to low and quite stable
Inflation
6.0% (2017 est.)Still high. However, lower than sky-high levels of the past years
Language
Russian (70.2%) and Belarusian (23.4%) both officialEnglish is not widely spoken
Corruption perception index (Source: Transparency International)
Rank 70/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
20% standard VAT rate10% reduced VAT rate (supplies of crop products, wild-growing, beekeeping, livestock, and fisheries only if come from Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan. Reduced VAT rate is applied to listed food and goods for children even if are imported from other Countries); 0% VAT rate on a some products/services; 25% VAT rate is applied to telecommunication services
Corporate Tax
18% standard rate25% rate for banks and insurance companies
Duties
Eurasian Economic Union (EAEU) Customs Code
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