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February 2011

Recent legal & business developments in Belarus, February 2011

1. The rates of the export customs duty (concerning motor car importation) for natural persons will be increased starting from the July, 1st 2011. The rates would be brought up to the customs duty rates of the Customs Union. Upon the expert assessment the value of the customs duty paid will be increased by four times in contrast to the present rates.

2. Belarus opens up the subsoil for foreign investors. According to Lis A., Deputy Minister of the Ministry of natural resources and environmental protection, it is planned to make alterations to the Subsoil Code, Investment Code. Planning alterations are aimed at increasing the investment attractiveness of the Belarusian subsoil.

3. Tax-free system may be brought in Belarus in 2011. In the near future Ministry of Trade will introduce to the Council of Ministers the proposal on tax-free system implementation. In Belarus the following algorithm of tax refund is offered: seller fills in special form (cheque) and gives it to a foreign customer. Afterwards custom authority confirms export of goods by stamping the cheque. A defined company refunds amount of tax to the customer. A defined company presents documents to the seller and the seller in his turn handles them over to Financial Department.

4. The Belarusian Government has signed an investment agreement with the two commercial structures that are responsible for the gambling industry control system creation. The agreement is signed between the Republic of Belarus, "GTECH Global Services Corporation Limited" (Cyprus) and the Unitary Enterprise “BT Telekommunikacii” (Belarus). The control system should provide the state authorities with the possibility of permanent access to the information on money turnover, payment of winnings etc.

5. It is planned to create intermediate courts in each regional centre. According to the draft law on intermediate courts the independence of the intermediate courts is the main principle of the court functioning.  Formation of the courts by the state or local authorities is prohibited. Public forms of control over court functioning have also been anticipated.

6. M&A Belarusian market has increased by two times in 2010. The volume of transactions is 555,23 mln dollars in 2010 (289,9 mln in 2009). The main international transactions happened in the banking sector, food (manufacturing) industry.

7. It is planned to sell shares of 244 open joint-stock companies (OJSC) in 2011-2013 in Belarus. During 2009-2010 the shares of 10 OJSC belonging to the republican property were sold (total 786 mln dollars). The main transactions are: the sale of the shares of CJSC “BeST” (500 mln dollars), OJSC “BPS-Bank” (280,8 mln dollars).