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September 2010

Recent legal & business developments in Belarus, September 2010

1. License sphere is liberalized.  On 1 September 2010 the Decree of the President of the Republic of Belarus # 450, approving the Provision on licensing of separate kinds of activity, was accepted. The Provision comes into force on 1 January 2011. The Provision cancels licensing of separate kinds of activity or works (goods) that draw up licensable kinds of activity, speeds up and in a certain degree simplifies the process of license obtaining. In particular, licenses for retail trade and catering (apart from the retail trade of alcohol beverages and tobacco products), designing, construction of buildings and facilities of the first and second level responsibility and holding engineering research for this purposes, activity on the attraction of foreign labour force to the Republic of Belarus, tourist activity, transport and expeditionary activity, activity on performance of transportation of goods within the Republic and a number of others have been abolished.

2. Since 15 September, 2010 the refinancing rate of the National Bank has been reduced by 10,5% per annum. Such a decision was adopted by the National Bank with regard to the positive dynamics of main macroeconomic indices and relatively low level of inflation in the country. In accordance with the National Bank reduction of the refinancing rate is aimed mainly for further reduction of bank credits for people and business entities. The refinancing rate has already been reduced six times in this year.

3. The National Bank continues negotiations with the investors on the sale of OJSC “Belinvestbank”.

4. State Property Committee announced about expected growth of cadastral value for land. State Property Committee recommends private business entities that are the residents of Belarus and have proper capital buildings to take land plots in private ownership.

5. The Council of Ministers of Belarus modified the Charter of railway transport of common use allowing transportation of goods in the coaches of third parties.  According to the previous charter transportation of passengers, goods and luggage by railway transport was carried out only in the railway coaches and railway containers as well as in coaches, containers belonging to recipient of cargo or rented by them. In other words, the third parties who were neither recipients nor sender of cargo could not be engaged in transportation of goods by railway that made Belarusian railway a full monopolist in this segment of market.

6. Enterprises will be able to define cost of production at their own discretion. In Belarus enterprises and organizations will be able to define the methodology of cost production development at their own discretion. Such a decision is stated in the decree of the President # 484 dated 23 September, 2010. This decision was adopted for the purposes of liberalization of economic activity, simplification of accounting and approach of national legislation to the international standards of finance reporting.

7. The Embassy of the Republic of Belarus works on the possibilities of opening of Belarusian bank or its branch in Latvia. It is expected that this bank will serve export and import trade operations. Activation of this question is related with the growing finance streams between two countries.