Belarus’ budget 2024 signed into law

The Law of the Republic of Belarus No. 328-? "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-? "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.