Best business operation terms promised to China-Belarus industrial park residents

Thursday, 25 May 2017 14:07  |  Written by  BelTA

The Economy Ministry representatives emphasized that residents of the industrial park will enjoy the most favorable business operation terms in comparison with the rest of the country

Resident companies of the China-Belarus industrial park Great Stone will enjoy the country's most favorable business operation terms, BelTA learned from representatives of the Belarusian Economy Ministry, who commented on Belarus president decree No.166, which was released by the national legal information website law.by on 25 May.

Among the most progressive innovations the source pointed out the stabilization clause and the possibility of changing the legal regime of the industrial park only by amending the decree. The Economy Ministry representatives emphasized that residents of the industrial park will enjoy the most favorable business operation terms in comparison with the rest of the country.

The document stipulates the one station approach in the operation of the park's administration similarly to how investors are treated in China. The source explained that all the administrative procedures and other procedures investors may need will be available in the same station (as a rule, where the administration of an economic zone is located).

The decree stipulates that audits of resident companies, investors, and the joint managing company will have to be authorized by the park administration.

The eligibility criteria for registering park residents have been expanded. The list of priority areas for implementing investment projects now includes telecommunications, digital commerce, big data storage and processing, social and cultural activities. The minimal amount of required investments has been reduced, provided the money is invested within three years.

The time required to complete a number of procedures has been reduced. Land plots will be granted or withdrawn within 72 hours (ten days previously). Facilities will be accepted for operation within 30 days (no specified timeframe previously). The park administration will have to authorize the list of goods or services eligible for VAT rebate within five business days (15 calendar days previously). Job permits will be issued for foreign workforce within five calendar days (seven calendar days previously).

Resident companies will be exempted from the real estate tax on facilities located in the park. Resident companies and the joint managing company will be exempted from the land tax on plots located in the park for the entire duration of the special legal regime, in other words, till 14 June 2062. Resident companies will be exempted from the profit tax for ten years after the first fiscal period when the resident company generates profits by selling goods or services. After that, the resident company will have to pay half of the profit tax until the end of the special legal regime. Thus, tax holidays with regard to corporate taxes in the China-Belarus industrial park Great Stone will use the 10+ formula (10+10 previously).

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