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Business News

Wednesday, 03 March 2010

Lukashenko expands preferences for businesses in small towns, villages

Belarusian President Alexander Lukashenko has provided additional preferences to businesses working in small towns and villages by his decree #4. Amendments have been made to decrees #9 dated December 20, 007 and #1 dated January 28, 2008, the press service of the president reported.

The document abolishes the necessity to compensate for all tax preferences if the business is liquidated or reorganized during the period of validity of preferences or three years after it.

The decree extends the period of validity of profit tax preferences to seven years from five and allows businesses that enjoy the preferences provided by decree #1 to use tax breaks upon merger with another business.

The companies with foreign investments that make use of provisions stipulated in decree #1 have been exempted from mandatory confirmation of the accuracy of equity formation and compensation for tax breaks in case of withdrawal from business.

Newly created Belarusian businesses are entitled to preferential imports of commodities (tax- and duty-free) as equity contributions.

Furthermore, preferences provided by decree #9 will be applied to businesses engaged in production and retail and intermediary activities provided they have separate accounting.

Preferential customs duties and the value-added tax will be applied to all commodities classified as production equipment, which will spare importers the need to have their imports recognized as production equipment by local administrations.

Decree #1 stipulates preferences for organizations working in small towns, and Decree #9 regulates preferences for organizations working in rural settlements. The documents provide preferential profit taxation, real property taxation, import duty preferences, etc.

Prime-Tass

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07.09.2010 -		BCSE’s state securities trading on secondary market down 7.7%/mo in August

07.09.2010 -		NBB allows down payments under import contracts not exceeding 5,000 euros

05.09.2010 -		Belarus raises postal service tariffs 10%, telecoms service fees 7.1%

04.09.2010 -		Belarus’ Br trading on interbank loan market up 50% in August

03.09.2010 -		BCSE’s U.S. dollar ask $312.911 mln below bid in August

03.09.2010 -		State enterprises enabled to transfer part of profits to budget on quarterly basis

03.09.2010 -		Lukashenko abolishes licensing of 16 activities Jan 1, 2011

02.09.2010 -		Belarus’ internal debt up 1.2% in July ‘10 to Br8.418 tln

02.09.2010 -		Belarus’ foreign debt down 0.7% in July to $8.479 bln

02.09.2010 -		Belarus’ govt raises fixed salaries for some public sector workers 10%-25%

01.09.2010 -		Belarus’ commodity trade deficit at $4.201 bln in Jan-Jul

01.09.2010 -		Belarus’ banks cut interest rates on Br corporate loans in July to 14%

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31.08.2010 -		Belarus’ govt suggests raising compensations for low-salaried workers Sept 1

31.08.2010 -		Belarusian ruble up 1.23% against basket of currencies in Jan-Jul

31.08.2010 -		NBB sees refinancing rate between 8%, 10% in 2011

30.08.2010 -		Belarus banks’ loan portfolio up 20.1% to Br83.098 tln in Jan-Jun

30.08.2010 -		Belarus may allow entrepreneurs to hire workers other than family members

30.08.2010 -		Economy Ministry working on bill on public-private partnership