On November 25, Minsk / Tatyana Chumakova - BELTA /. Decree No. 10 "On the Creation of Additional Conditions for Investment Activities in the Republic of Belarus" dated August 6, 2009, may be supplemented with new benefits for investors. This was announced today to journalists by Sergey Zadiran, Head of the Main Department for Lawmaking in the Field of Economy and Ecology of the Ministry of Justice of Belarus, as reported by a BELTA correspondent. "Changes to the decree have been actively prepared for about four months, and they are currently being approved by government bodies," said the representative of the Ministry of Justice. In particular, a benefit related to environmental legislation may be introduced. Its essence is to exempt investors from compensatory planting and the cost of removing vegetation. Another change relates to granting investors the right to apply construction and technical standards similar to those in force in the Customs Union countries or the European Union. "This is a very significant change. If approved, it will be of great interest to investors investing in construction projects – both residential and industrial," believes Sergey Zadiran. It is also planned to introduce a benefit providing for the deduction of the amount of value added tax paid when acquiring goods, works, services, and property rights. Investors may also be exempted from conducting tender bids and public procurement procedures. They may be granted the right to apply free prices and tariffs. Another benefit provides for exemption from rent or land tax, and property tax during the construction period. Currently, such a benefit is valid within the normative construction period and cannot exceed the period specified in the investment agreement, noted Sergey Zadiran. A benefit on the cancellation of deductions to innovation funds and exemption from taxes in connection with the gratuitous transfer of property may also be approved if state property is gratuitously provided to the investor for the implemented project. "I believe that the list of benefits and preferences provided must be clearly stipulated in investment agreements," said the representative of the Ministry of Justice. -0-

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