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Belarus
Improves Free Economic Zones Legislation in Favor of Investors
By his Decree
# 42, the President of Belarus has introduced amendments and additions to some
decrees dealing with the activity of free economic zones of Belarus (FEZ).
Companies
registered in FEZ (residents) will enjoy special taxation procedures
for at least seven years even if Belarus’ tax rules should change. Besides,
the Decree secures for FEZ residents the right to tax relief and guarantees
to include their products to the annual list of import-substituting goods
produced by FEZ residents and imported to the domestic market in case these
goods are included on that list during the first year of their production.
In addition,
FEZ residents will enjoy privileged renting conditions (no bigger than two
per cent of the cadastral value, but no less than the rates of the land tax)
with respect to the land plots provided to them for pursuing investment projects
and privileged taxation schemes. Companies registered in FEZ will be exempted
from the real estate tax and tax on vehicle acquisition, transfers to the
innovation fund of the Ministry of Architecture and Construction, mandatory
surrender of foreign exchange on the home market.
Moreover,
the state will facilitate infrastructure development for large investment
projects.
The Decree
also provides additional powers to the administrations of FEZ:
they will be able to decide independently on registration of residents with at
least 1 million euros of declared investment and lease out property managed by
the state.
The Decree
comes into force on April 1, 2008.
Please, visit
http://invest.belarus.by to learn more about FEZ in Belarus. |
