• January 2009
• February 2009
• March 2009
• April 2009
• May 2009
• June 2009
• July 2009
• August 2009
• September 2009
• October 2009
• November 2009
• December 2009
• January 2010
• February 2010
• March 2010
• April 2010
• May 2010
• June 2010
• July 2010
• August 2010
• September 2010
• October 2010
• November 2010
• December 2010
• February 2011
• March 2011
• April 2011
• May 2011
• June 2011
• July 2011
• August 2011
• September 2011

January 2011

Recent legal & business developments in Belarus, January 2011

1. Certain alterations to tax legislation come into force in January, 2011. Inherently alterations include 3 main directions. The amount of applicable laws was reduced: two local taxes are abolished – duty on local development, and tax on services; within ecological tax 3 payments are repealed. The frequency of tax payment and tax declarations’ application is also decreased, which will save time and labor expenses on tax payments. The mechanism of basic taxes collection was improved and tax preferences were expanded.

2. According to the Edict of the President of the Republic of Belarus No 3 from January 3, 2011 the mechanism of export crediting and export risks insurance with state support will be applied to investment activity, conducted by business entities of the Republic of Belarus on territory of foreign states, directly connected to development of Belarusian export. The Edict comes into force on April 11, 2011.

3. Venture fund will appear in the Republic of Belarus. The Managing company “Zubr capital”, working in the Republic of Belarus with funds of direct investments, will create a fund of venture investments. This fund will finance companies at the indicial stage of development. It is planned to draw both funds of  foreign private funds and international organizations such as EBRD. Venture investments will be firstly directed at projects, connected to information technologies.

4. Additional preferences are planned for manufacturers of innovative production in the Republic of Belarus. Such preferences are provided for in draft of an Edict, being prepared by the State committee on science and technologies at the order of prime minister of the Republic of Belarus Mikhai Myasnikov. The document is directed at encouragement of innovative activity and innovative production. The draft of the Edict provides for exemption from taxation of income of organizations from realization of production, included in the list of innovative production. The income of organization from realization of high-tech goods of own production will also be released from taxation. The draft of the Edict provides for certain other preferences.

5. The National Bank of the Republic of Belarus abolished from January 10, 2011 decision on possibility of advance payments on import in foreign currency, received by importers by credit agreements, concluded with Belarusian banks. Moreover, National Bank abolished previously taken decision providing possibility of advance payments on import on foreign trade contracts , total cost of obligations under which did not exceeded 5 000 Euro. Other, issued earlier general permissions of the National Bank on advance payments on advance payments on import are preserved.