ANNOUNCEMENT 11 Jun 2016In June 2016, the government of Belarus announced a targeted tax change.
NUMBER OF INTERVENTIONS
Decree No. 524 of 1 June 2016 of the Council of Ministers of the Republic of Belarus expanded the list of income tax-exempted innovative products as per point 1.132 of article 140 of the Tax Code of the Republic of Belarus.
Concretely, Decree No. 524 introduced items with the following classification codes as per the Single Nomenclature for Foreign Economic Activity of the Eurasian Economic Union: 2844.40, 8429, 8436, 8704, 8803, 8805, 9013, and 9031.
The amendments that Decree No. 524 introduced in the original Decree No. 1042 of 5 December 2013 are to enter into force as of 1 July 2016.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.