BELARUS NEWS AND ANALYSIS

DATE:

18/03/2010

Belarus Announces Tax Holiday

by Ulrika Lomas, Tax-News.com, Brussels

Belarus' President Alexander Lukashenko of Belarus has issued Decree No 143 'On Certain Issues of Taxation', which introduces a number of new tax measures including the introduction of a five-year tax holiday for individuals who are newly tax resident in Belarus.

Decree No 143 provides for a five-year income tax exemption for the individuals moving to Belarus for permanent residence on condition that they transfer their cash assets to Belarus too. The types of income include dividends, interest payments, royalties and income gained on securities or the sale of real estate.

In addition, to ease compliance burdens on sole traders and individuals, payment is now to be made in Belarusian Roubles instead of Euros, as was previously the requirement.

The Decree also authorizes local councils to alter the rates of land tax and property tax a maximum of twice a year. This is to allow local authorities greater flexibility to raise additional revenues in their 2010 budgets.

Finally, the Decree has a number of other provisions that will bring terminology used in presidential decrees regulating taxation into conformity with the Tax Code.

Source:

http://www.tax-news.com/news/Belarus_Announces_Tax_Holiday____42292.html


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