Active work on the adjustment of the Tax Code is in progress in Belarus. In particular, the business unions have already voiced their proposals, the country’s President expressed his “balanced approach”, a number of proposals were voiced by the country’s Ministry of Finance. Thus, as informed by the Deputy Minister of Finance, Dmitry Kiyko, it is essential to take into account changes in the structure of budget revenues, narrowing the tax base. “We have to state, that against the background of the impossibility of a significant reduction in government spending, the tax system has been oversaturated with forced point seizures over the past 10 years,” Mr. Kiyko commented on the issue. It is worth noting, that the above applies, in particular, to the establishment of higher tax rates for certain areas of activities (25% VAT rate for telecommunication services, 25% tax rate on profits for banks and insurance companies), restriction on the application of VAT deductions.