Conditions for conducting investment activities in Belarus are being eased

August 7, Minsk /BELTA/. Conditions for doing business in Belarus are being eased. President of Belarus Alexander Lukashenko signed Decree No. 10 "On the Establishment of Additional Conditions for Investment Activities in the Republic of Belarus" on August 6, the press service of the Belarusian leader informed BELTA. The document establishes rules for both Belarusian and foreign investors that facilitate the commencement of investment projects in Belarus. It also enshrines investors' responsibility for fulfilling their commitments. Investment agreements concluded with investors must clearly define the objects, volumes, and deadlines for investment, as well as liability for non-compliance. General preferences for projects implemented within the framework of investment agreements are also stipulated. In addition, a three-tier system for concluding investment agreements between investors and the Republic of Belarus is being introduced, differentiated based on the significance of the project and the preferences granted. An investment agreement can be concluded based on a decision of: the Council of Ministers, agreed with the President of Belarus, if the agreement provides for granting the investor preferences not established by legislative acts or other decisions of the head of state; the Council of Ministers, if the investment agreement provides for granting the investor benefits and preferences already established by legislative acts and other decisions of the President; a republican government body, another state organization subordinate to the government, a regional executive committee, or the Minsk City Executive Committee in cases where preferences are not required for the project implementation. The decree enshrines mandatory conditions for concluding investment agreements and also provides for their expansion based on the industry focus and specifics of the investment project. Taking into account the practice of implementing investment projects in Belarus, general preferences are offered to investors who have concluded investment agreements, such as granting land plots for lease without an auction; phased processing of necessary documents for land allocation simultaneously with construction on actually occupied lands and construction of facilities with parallel design of subsequent construction stages; import of technological equipment and spare parts for facilities related to the implementation of the investment project without paying customs duties and value-added tax. In addition, the investor is exempted from compensating for losses in agricultural production, as well as from compensation payments related to the relocation and felling of green spaces on the lands of settlements; from paying state duty for issuing special permits to foreign citizens attracted by the investor for employment in our country, and these foreign citizens are exempted from paying state duty for issuing temporary residence permits in Belarus. At the same time, the decree provides that in case of non-fulfillment (or improper fulfillment) of commitments by the investor, the Republic of Belarus may unilaterally refuse to fulfill its obligations under the concluded investment agreement. The proposed norms are aimed at stimulating large-scale investment activity. The decree enters into force three months after its official publication, with the exception of some provisions, is temporary, and is submitted for consideration to the National Assembly. The decree does not apply to investment agreements concluded before the entry into force of this document.-0-