OREANDA-NEWS. On May 19, 2008 The President of the Republic of Belarus has signed Decree No 266 “On Some Issues of Levying State Duty”, reported the Official website http://president.gov.by.

As from 1 June, 2008, the rate of the state duty for state registration of shares of joint stock companies on the State Securities List, including in case the face value of the shares increases, shall be reduced to 0,2 per cent of the face value of emission, the increase in a statutory fund, but shall be no more than 300 base values (today the rate of state registration of shares is 0,5 per cent of the face value of emission, the increase in a statutory fund).

The reduction in the rate of the state duty is coined to encourage foreign and domestic investment in statutory funds of joint stock companies. Joint stock companies, for their part, will be able to utilise the released funds to boost their floating assets necessary for enhancing production efficiency.

Additionally, the Decree says that no state duty is collected if the ownership of the shares of joint stock companies is acquired by the Republic of Belarus or by any of its administrative and territorial units. This provision will eliminate the need of a joint stock company to search for considerable funds to pay the state duty in case the State gets its share in the statutory fund of the joint stock company.

The Decree becomes effective as from 1 June, 2008.