The change in the single tax rate will allow Vitebsk agricultural producers to reduce payments by Br15.7 billion.

April 5, Vitebsk / Sergey Kochetov - BELTA /. Changes in tax legislation since 2011 allow agricultural producers in the Vitebsk region to reduce their tax payments by Br15.7 billion this year, the press center of the Ministry of Taxes and Duties Inspectorate for the Vitebsk region informed a BELTA correspondent. According to Decree No. 34 of January 24, 2011 "On Certain Issues of Agricultural Organizations," the unified tax rate for agricultural producers is set at 1%. The reduction of the tax rate from 2% to 1% since the beginning of the current year provides agricultural enterprises with the opportunity to significantly reduce their tax liabilities. This unified tax rate applies to legal entities whose main activity is the cultivation, production, and processing of agricultural products, and the share of revenue from the sale of these products is at least 50%. According to preliminary estimates by the regional tax inspectorate, in 2011, the reduction in the tax rate, combined with the possibility of switching to quarterly payments, will allow agricultural producers in the region to retain about Br21.7 billion. In addition, since the current year, individuals are fully exempt from income tax on income received from the sale of their own agricultural products. This provision will allow residents of the region who grow and sell agricultural products to additionally retain about Br50 million. -0-