OREANDA-NEWS. October 01, 2010. The bill amending the Belarusian Budget Code has passed its second read in the lower chamber of parliament, the House of Representatives.

The amendments are necessitated by efforts to unify the provisions of the Code with those of the Special Part of the Tax Code and other regulatory acts issued after the Code came into effect, member of the commission for the budget, finance and tax policy, Vasily Usik, said when presenting the bill.

The bill adjusts the articles regulating receipt of revenues by budgets of various levels and specified the names of non-tax revenues and types of financed expenditures.

In order to strengthen the resource base of local budgets, it is planned to transfer the profit tax paid by local communal and private companies to local budgets, whereas profits taxes paid by republican enterprises will be split 50/50 between the republican and local budgets.

The most serious changes pertain to state borrowing. It is planned to unify the notion of the state debt with the definitions used by the International Monetary Fund, World Bank, EU Commission and Organization for Economic Cooperation and Development (OECD).

As a result, contingent liabilities will be removed from the state debt and debt of local administrations to a separate category.

An additional provision has been added to the Code to regulate payments by the Republic of Belarus and local administration based on legal claims to them.