Belarus tax: New Tax Incentives for Investments in Belarus

Belarus announced new tax incentives for investment projects in the country. The changes will be in force beginning 8 November 2009, and contracts written before that date will not be able to take advantage of the new changes.

The new ordinance simplifies the investment manner in some ways, and the parties now have the privilege of some tax incentives and tax exemptions, important changes are as follows:

- Not paying customs duty or Value Added Tax (VAT).
- No state fee for residence and working permits of foreign workers that are labored in the investment project.
- No payments for destruction of the forestry or farming areas.

The new investment ordinance requires the investment agreement to contain the goal and length of the project, also rights, liabilities and responsibilities of both the investing party and the Republic of Belarus.

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