Recent legal & business developments in Belarus, May 2011
1. From June 1st, 2011 the refinancing rate will be increased to 16% per annum. The stated increase is constituted by the Enactment of the National Bank of the Republic of Belarus № 200 dated of May 30th. The increase is caused by “continuing growth of consumer prices and high inflationary expectations”. Starting from the beginning of 2011 the refinancing rate has been increasing for the fourth time.
2. On May 26th the President of the Republic of Belarus signed the Decree “On measures aimed at the increase of the effectiveness of use of the intellectual property objects”. The Decree releases from the taxation the income of the companies, received from selling property rights to the industrial property objects (with the exception of the means of companies’ individualization as well as individualization of goods, works and services). The document eliminates a number of limitations for the scientific and educational establishments on the issues of incorporation of legal entities (including incorporation with investment attraction of the third parties) aimed at mastering scientific research results in the production sphere and commercialization of the results of intellectual activity. The document comes into force in 3 months after the official publication.
3. The draft Decree on the simplified taxation system is published on the web-site of the Ministry of Taxation of the Republic of Belarus. The document is drafted for the purpose of implementing the Directive № 4, adopted by the President on December 31st, 2010. The Decree aims at increase of criterion that allows transferring to the simplified taxation system. In compliance with the relevant tax legislation the simplified taxation system may be applied only by business entities with the volume of earnings that does not exceed BYR 1 000 000 000, the draft document stipulates the increase of this criterion up to BYR 12 000 000 000. The draft Decree is presented for the public discussion.
4. Belarusian Chamber of Commerce is starting realization of the project on rendering services to the foreign investors in accordance with “one-window system” principles. The project stipulates for rendering all types of consulting services, information and marketing research, assistance in drafting business-plans, etc.
5. EBRD resigned the previously planned investments to the projects in the state energy sector, including projects on renewable sources of energy, and projects in the sphere of transport infrastructure. After the EBRD has adjusted its strategy, it is now focused particularly on supporting the private sector in the Republic of Belarus, including the enlargement of programs on financing the private business.
