Attractive conditions are being created for investors in Belarus for the development of reformed farms

August 10, Minsk /BELTA/. Equal and attractive conditions are being created for investor organizations in Belarus to address the development of the production sphere of reformed farms. Head of State Alexander Lukashenko signed Decree No. 414 "On Amendments to and Addition to Decrees of the President of the Republic of Belarus of May 13, 2008 No. 258 and June 24, 2008 No. 350" on August 6, the BELTA was informed by the Presidential Press Service. The amendments and addition are aimed at further increasing the efficiency of agricultural production. They provide for legal entities that acquired (acquire) respectively in 2004 and 2005, and in 2006-2010, in the established manner (through reorganization, purchase, gratuitous transfer of enterprises as property complexes) the rights and obligations of agricultural organizations, the right to additionally reduce the amount of the fee to the fund for supporting agricultural producers for three years by the amount of the cost of acquired specialized buildings and structures for agricultural purposes, the work performed and paid for their construction and reconstruction, or a single tax for agricultural producers (for legal entities paying this tax in accordance with Decree No. 27 of July 13, 1999) for the same amount, but not more than 50% of the tax amount. Founders (e.g., banks) of legal entities, when acquiring and transferring specialized buildings and structures for agricultural purposes to the said legal entities, are granted the right to reduce profit tax for two years from the date of their transfer by the amount of the cost of such buildings and structures. The dates of acquisition, construction, and reconstruction of specialized buildings and structures for agricultural purposes are also defined. "The proposed measures allow for the creation of equal and attractive conditions for investor organizations in addressing the development of the production sphere of reformed farms based on a comprehensive approach. Not only the machine and tractor fleet of these organizations requires renewal, but investments are also needed for the reconstruction of old and construction of new buildings and structures for agricultural purposes," the Presidential Press Service explained. This is consistent with the goals and objectives of the State Program for the Revival and Development of Rural Areas for 2005-2010. The investment climate in the industry will improve, which will contribute to the sustainable development of the agricultural sector of the economy. According to the calculations of the Ministry of Agriculture and Food, these measures will allow an investor organization to direct an average of more than Br100 million annually to the acquisition, construction, and reconstruction of buildings and structures for agricultural purposes. The decree comes into force on the first day of the month following the month of its official publication.-0-