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Belarus’ losses due to ‘tax maneuver’ in Russia estimated at Br630m in 2019

Belarus is expected to lose Br630 million in 2019 due to the so-called tax maneuver in Russia, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on the sidelines of the session of the Council of Ministers of the Union State of Belarus and Russia in Brest.

The finance minister said: “The state budget is expected to lose a total of Br630 million.”

In his words, Belarus’ central state budget for the year 2019 is based on a pessimistic scenario of economic development and takes into account the negative effect the new taxation scheme in the Russian oil industry will have on the state budget in Belarus.

Belarus may lose from $8 billion to $12 billion by 2024 unless the problem is resolved through negotiations and compensations are awarded.

“Evaluations can vary. They depend on oil prices. I hope we will be able to avoid such substantial losses during negotiations. I hope we will be able to find a solution to the problem soon,” said Maksim Yermolovich.