Belarus’ budget 2024 signed into law
The Law of the Republic of Belarus No. 328-З "On the National
Budget for 2024" of 27 December 2023 was included in the National
Register on 29 December. This indicates that the document was
signed by the head of state, Azernews reports,
citing BelTA.
Earlier, the document was reviewed in the House of Representatives
and the Council of the Republic of the National Assembly. On 13
December, it passed the final reading in the upper house and was
sent to the president for signature.
At the sitting of the 11th session of the Council of the Republic
of the seventh convocation, the document was presented by Finance
Minister Yuri Seliverstov. The budget has been built based on the
parameters of economic development for next year, which were
approved by the president’s decree No. 307 of 2 October 2023, and
also on the tax policy measures.
Revenues of the consolidated budget for 2024 are estimated at
Br67.5 billion, or 106.3% as against the current year. The 2024
budget bill envisages revenues in the amount of Br39.9 billion, or
102.8% of the estimated revenues for 2023.
“The main sources of tax revenues of the national budget are value
added tax, excises, tax revenues from foreign economic activity,”
the minister said when speaking in the Council of the Republic on
13 December.
In 2024 consolidated budget expenditures are determined in the
amount of Br72.7 billion, or 112.1% over 2023, those of the
national budget - Br44.7 billion, or 113.9%.
In 2024, the main tasks for the public finance sector are to
finance the social sector, improve the well-being of citizens by
increasing salaries and to support the national economy in the
current conditions. According to Yuri Seliverstov, salaries of
public sector employees will be raised through an increase in the
base amount for all categories by an average of 9%.
The budget envisages the family capital program expenses in the
amount of Br383 million and also expenditure to finance the
construction of subsidized housing in the amount of Br1.7
million
Belarusian President Aleksandr Lukashenko signed Decree No.307 on 2 October to approve the most important parameters of Belarus' social and economic development forecast for the year 2024. The economic policy will be primarily focused to ensure the sustainability of the economy and increase the welfare of the population.
The Law of the Republic of Belarus No. 327-З "On Amendments to Laws on Taxation" of 27 December 2023 was also included in the National Register on 29 December. Accordingly, this document has also been signed by the president and will be published officially soon.
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