OREANDA-NEWS. October 19, 2012. The government’s budget plan for 2013 has been approved by the upper chamber of the Belarusian parliament.

Revenues and expenditures of Belarus’ consolidated budget in 2013 are expected at Br197.411 trillion (around USD 23 billion), 31.3% and 32% of GDP respectively.

According to budget plan, revenues and expenditures of the state budget are seen at Br121.72 trillion (around USD 14 billion at the central bank’s rate), which is 26.1% more than the 2012 budget plan.

The budget plan for 2013 has been made on the assumption that the average annual rate of the ruble will stand at Br8,950/USD 1 against the dollar.

The major sources of tax revenues of the republican budget next year will be VAT proceeds, excises, proceeds from foreign economic activities.

One of the novelties of the 2013 budget plan is that the government’s innovation funds will be formed at the expense of the profit tax payable by entities.

The 2013 budget plan gives priority to sustainable economic development, honours the government’s domestic and external liabilities, maintained social security standards.

The budget plan is based on a macroeconomic forecast, which sees next year’s GDP growth at 8.5%, inflation – 12% (December 2012 on December 2013).