OREANDA-NEWS. August 12, 2010. The President of the Republic of Belarus, Alexander Lukashenko, signed into effect Decree No 405 which introduced an amendment to Decree No 292 of 13 August 1996 ‘On Providing Legal Entities with a Deferment on the Payment of Taxes and Fines’.

Decree No 292 of 13 August 1996 prohibits paying bonuses to top executives and chief specialists (their deputies) who work with the companies that have overdue tax and fine payments.

In accordance with Decree No 405, this prohibition does not concern the organisations that have been granted the privilege of deferment on their tax and fine payments or have been allowed to eliminate their debts by instalments. These privileges are granted by a special resolution issued by the President of the Republic of Belarus. If such privileges are granted, it is a mandatory condition for the related companies to ensure they make regular payments into the budget.

In case such a company has its deferment (instalment) privilege revoked, the prohibition rule applies to them again.

The Decree comes into force three months after its signing.