OREANDA-NEWS. The budget bill for 2014 has passed its first reading at the lower chamber of Belarus' parliament.

The government has prepared a zero-deficit budget plan for 2014, with expenditures in the amount of Br128.594 trillion (USD 13.68 billion) fully set off with revenues. Budget revenues are expected to grow by 19% on the year, expenditures - up 15.2%.

It is declared that the budget plan for 2014 will remain welfare-oriented.

Finance Minister Andrei Kharkovets said while presenting the bill to the parliament, the budget bill is based on the assumption that inflation growth will stand at 12.5% per annum on average, while the refinancing rate is expected to go down to 14-16%.

One of the features of the new budget plan is the new tax payable by vehicle owners for access to motorway traffic. Proceeds from the new incarnation of the transport tax will go to finance motorway construction projects.

All in all, the budget plan suggests reducing the tax burden by 1.6% in 2014. VAT proceeds are expected to account for 32.2% of total budget revenues.