The construction of garages and parking lots in Belarus will become cheaper

August 24, Minsk /BELTA/. The construction of garages and parking lots in Belarus will become cheaper. President of Belarus Alexander Lukashenko signed Decree No. 427 "On reducing the cost of construction of garages and parking lots" on August 21, 2009. BELTA was informed about this by the press service of the Head of State. The decree provides for exemption from value-added tax on the sale of newly constructed garages and parking lots (shares in ownership of parking lots) in Belarus by a developer, a garage cooperative, as well as a cooperative that operates parking lots. In addition, it provides for exemption from VAT on the construction of the said facilities and on deductions to the innovation fund for them. These measures will reduce the cost of construction and repair of garages and parking lots by 18%. The provision of land plots for garages and parking lots to legal entities and individual entrepreneurs will be carried out without an auction for the right to conclude lease agreements. Local authorities will independently make decisions on their allocation in the established manner on an application basis. The decree enters into force from the first day of the month following the month of its official publication, with the exception of some points. -0-