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Tax benefits for commercial companies starting activity in small cities.

Changes in taxation in 2008.

As it was published earlier, The President Decree ¹7 that regulates the order of reception of licenses (special permissions) on some kind of activities was passed in November 2007.
From the moment of the entering into force the Decree grants the right to obtain a license to foreign legal persons and organizations that were formed according to legislation of foreign country in case if they have representative office on the territory of the Republic of Belarus (if legislation doesn’t establish that the right of realization of licensed kinds of activity have only Belarusian legal persons and private entrepreneurs registered in the Republic of Belarus). Until now the order has been established only concerning foreign companies that carry on freight forwarding.

Minister of justice during the press conference in Minsk notified that the Ministry of Justice of the Republic of Belarus is working out the document that will render additional financial and tax benefits and privileges for foreign companies.

The Government of the Republic of Belarus the decision ¹1120 of 01/09/2006 cancelled the license requirement to adhere to relative density of the goods of a domestic production in total amount of commodity circulation of a retail trading network.
It will allow subjects of retail trade to be more free in a choice of suppliers, that, undoubtedly, stimulates development of trade in our country.

With the aim to stimulate the development of domestic goods (works, services) export legislation provides the opportunity of insurance of export risks with support of the state (Decree ¹534 of 25/08/2006).
The President establishes the order of insurance of export risks, payment of insurance compensation on which is carried out with attraction if necessary the funds stipulated in the republican budget; also concessionary terms of credits for manufacture of export production are established.
The Decree is coming into force on 01/01/2007.

Addition to Decree ¹ 373 of 15/08/2005 is included.
Limitations of discharges without funds receipt, established by present Decree from 01/10/2006 will not be applied in case of bank credit repayment and credit interests.