Belarus - Tax incentives to be provided for investment projects in Naroch recreation zone

Tax incentives will be provided to investors for investment projects in the recreation zone in the Naroch region, Deputy Prime Minister of Belarus Viktor Burya said at an onsite session of the Presidium of the Council of Ministers on 26 June. The session focused on the government Naroch recreation zone development program for 2011-2015.

The program is intended to attract foreign investment to create new facilities and develop the active ones. According to Viktor Burya, in order to develop private business the government suggests introducing a five-year moratorium on taxes on property, profit and land for the economic entities carrying our investment projects in the Naroch region. This will be a good stimulus for the private business, according to Viktor Burya.

The new Naroch region development program for 2011-2015 envisages the funding in the sum of Br420 billion, including Br180 billion worth of budgetary funds and Br150 billion worth of investments.

The Minsk oblast executive committee was named the coordinator of the program. According to Viktor Shchetko, deputy chairman of the Minsk oblast executive committee, many steps have been taken recently to modernize the recreation zone. Yet a lot still needs to be done. So far the zone is substandard and cannot compete with foreign similar resorts.

According to the program, volume of tourist services is projected to increase approximately 7 times and the export of these services will be doubled, said Viktor Shchetko. By 2015 the volume of paid tourist services will increase more than two times. The capacity of hotels will be raised 2.8 times and profits 3.8 times.


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