OREANDA-NEWS. On January 28, 2007 the President of the Republic of Belarus issued Ordinance No. 1 ‘On Stimulating the Production and Selling of Goods (Work, Services), reported the Official website http://president.gov.by.

The Decree shall be applicable to the population centres with the number of people in each of them not exceeding 50,000. There, the newly created commercial organizations, including those involving foreign investments, will be exempt from some taxes and duties for the period of five years and will have specific guarantees for performing their business activity.

As from 1 April 2008, the afore-mentioned types of organizations will have an opportunity not to pay the profit tax with respect to the income generated as a result their own production activities, the value added tax, customs duties and duties on the imported technological equipment intended as a contribution to the authorized funds of the companies involving foreign investments.

In case there are any changes to the legislation, including tax legislation, for the companies set up in conformity with the Ordinance within five years from their inception day, they will be entitled to act in line with the legislation effective as of the day of their inception.