Recent legal & business developments in Belarus, August 2009
1. On July 29th, 2009 the Council of Ministers of the Republic of Belarus adopted Regulation № 1000. According to the document state enterprises of Belarus are obliged to accomplish import purchases only at the co-ordination with heads (deputy heads) of state authorities supervising them. The purpose of adopting of such document – saving of foreign currency, avoiding unnecessary import.
2. On August 6th, 2009 the President of the Republic of Belarus has issued Decree № 10 “On creation of additional conditions for investment activities in the Republic of Belarus”. The decree stipulates concluding of investment agreements with investors, both national and foreign. Investors, who have entered into investment agreements are granted with a number of general preferences: allowing of land plot without holding auction, allotment of land plot simultaneously with construction, simultaneous construction and preparation of design documentation, import of technological equipment and spare parts to it, necessary for realization of investment project free of import customs duties and value added tax. The decree stipulates some other benefits for foreign investors, as well as liability for failure to comply with obligations under investment agreement.
3. On August 6th, 2009 the President of the Republic of Belarus has issued the Edict № 413 “On assignment of authority to represent interests of the Republic of Belarus on attracting investments in the Republic of Belarus to legal entities and individuals”. The document stipulates forming of institution of investment agents, who will attract investors in Belarus. Status of investment agent may be granted to individuals with practical knowledge of investment project preparation for realization, as well as personal business qualities, allowing holding negotiations on high level with top management of big companies.
4. State Customs committee has cancelled all limitations on export goods by individuals from the country. Individuals have been allowed to export goods from the country, regardless their quantity and cost, without limitations, under simplified order of customs formalization stipulated for personal property of individuals.
5. International monetary fund does not exclude possibility to allow Belarus new credit program in the year 2010. This issue was discussed during the meeting between the Head of Administration of President Vladimir Makey and Director of European department of the International Monetary Fund Marek Belka, held on August 25th, 2009.
