LIBERALISATION in the Belarusian Economy
BELARUS efforts to encourage more businesses and economic growth Short-cut list of the Government’s liberalisation measures
Business Running |
Done |
Pending |
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Launching business |
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Registration of business on the day of application, no longer | |||
Number of papers required for registration shortened (application, statutory paper and registration fee) | |||
No minimum level of capital assets to launch business | |||
Fewer requirements for statutory papers | |||
Shorter list of papers required for setting up a bank account | |||
No refusal to register business if papers submitted correctly | |||
Starting business activities virtually the next day after submitting application | |||
Easier registration in a tax agency: now through a single processing line | |||
Inspections by supervisory agencies suspended | |||
Accounting requirements relaxed with less paper work | |||
Faster business liquidation | |||
Insolvency procedure eased and streamlined | ● |
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Salary and bonus calculation |
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Simpler regulations for salary and bonus calculation | |||
Larger legal leeway for CEOs in calculating salaries and bonuses | |||
Land and real property lease |
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Minimum lease (sublease) term of premises – 3 years | |||
No state registration of real property lease contract or changes in contract | |||
Real property lease contract effective from date of signing | |||
State fee for land lease contract halved | |||
No fees or taxes for companies leasing state property for free | ● |
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Fewer land lease operations subject to regulation | ● |
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More rights to use land as a bail | ● |
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Preferences in R&D |
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Legal right for universities to set up businesses for R&D | ● |
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Large legal and commercial leeway for such businesses | ● |
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No customs tariffs and VAT for R&D-required equipment coming in | ● |
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Export/import operations |
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Easier regulations and control procedures in export/import operations (EIO) | |||
EIO by mere notification of a bank, no special “passport” as formerly | |||
No registration of EIO if transaction paid fully and beforehand | |||
Number of EIO out of monetary control procedures | |||
Construction activities |
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Uniform requirements list for building up premises | |||
Fewer regulations in construction activities | ● |
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No limitations for building up gasoline stations | ● |
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Requirements & Regulations (for businesses) |
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Taxes |
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12% income tax | |||
8% aggregate revenue (VAT-free) tax | |||
6% aggregate revenue (VAT-paid) tax | |||
5% local sale and services tax | |||
3% transport purchase tax | |||
1% agricultural production support tax | |||
No fixed assets taxes | ● |
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No agricultural production support tax | ● |
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No sale and service tax | ● |
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No transport purchase tax | ● |
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Administrative procedures |
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Tax declaration submitted electronically (no more hard copies) | |||
Unifom list of all administrative procedures for businesses (no deviation) | |||
Administrative procedures cut by 25 per cent | ● |
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170 procedures listed for elimination | ● |
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Licence regulations eased and streamlined | ● |
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119 ‘licence-free’ activities | ● |
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15 days to get a licence instead of 30 days before | ● |
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Reasons to suspend licence listed uniformly | ● |
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Price Regulations |
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Simpler registration procedure of prices | |||
No registration of prices for new commodities or services | |||
Shorter list of commodities and services with prices regulated by Government | |||
Freer pricing in more areas | ● |