Immigrants bringing capital into Belarus are exempt from certain taxes

March 9, Minsk /BELTA/. President of Belarus Alexander Lukashenko signed decree No. 143 "On Certain Taxation Issues". BELTA was informed about this by the press service of the Belarusian leader. This normative act introduces a number of amendments to decrees regulating the tax sphere. Thus, the basic rates of the single tax for individual entrepreneurs and other individuals are set in Belarusian rubles instead of the currently applicable euro, which will simplify the calculations of taxpayers of this tax with the budget. In order to ensure additional revenue to local budgets in 2010, the decree grants local Councils of Deputies the right to increase (decrease), but by no more than two times, the rates of land tax and property tax for certain categories of taxpayers. The decree provides for exemption for five years from income tax on income of individuals who have moved to Belarus for permanent residence, provided that they transfer funds to Belarus. Such income, according to the decree, includes income received from sources outside Belarus in the form of dividends, interest, royalties, income from securities transactions, and from the sale of real estate. In addition, the decree provides for a number of other provisions, including those ensuring that the terminology of decrees of the President of the Republic of Belarus regulating taxation issues is brought into line with the Tax Code of the Republic of Belarus. This decree comes into force on January 1, 2010. -0-