Lukashenko Grants Additional Preferences to Agricultural Companies
OREANDA-NEWS. On 20 August 2009 was announced, that Belarusian President Alexander Lukashenko had signed ordinance #414 to amend his ordinance #258 dated May 13, 2008 and #350 dated June 24, 2008 to increase the efficiency of farm production, the press service of the president reported.
The document enables legal entities that acquired or are in the process of acquiring rights and obligations of agricultural producers, by way of reorganization, purchase, or free of charge transfer of farms as property complexes, to reduce, within three years, payments to the agriculture support fund by the sum that includes the value of acquired farming constructions and facilities and the cost of operations to build or reconstruct them, or the payment of the unified tax for producers of farm produce, but not more than 50% of the total amount of the tax.
The founders of legal entities, for example, banks, that transfer constructions and facilities to the legal entities in question are entitled to reduce their profit tax by the sum totaling the value of such constructions and facilities.
These measures will help create equally attractive conditions for investors that acquire farms as property complexes.
The Agriculture Ministry believes the measures will be enough for an investor to invest over 100 million Belarusian rubles (Br) in production facilities on an annual basis.
Комментарии