Belarusian producers granted tax relief on leased exports

MINSK, 28 September (BelTA) – In order to create favorable conditions for promoting Belarusian products onto foreign markets using leasing, Belarusian manufacturers are exempted from value-added tax. President of Belarus Alexander Lukashenko signed relevant decree No 465 “Some matters concerning the improvement of leasing in Belarus” on 24 September, the press service of the head of state told BelTA. The tax relief will reduce the sum of the loan that a leasing company requires to operate and will make leased exports cheaper on foreign markets, thus increasing its competitive ability. The tax respite will be provided only after the product, which is subject to leasing, has been exported. The decree also sets 90 days for exporting the leased commodity and receiving foreign currency proceeds as part of an international leasing contract. Failures to ensure the payment from the lessee or the return of the leased commodity to Belarus as part of the international leasing contract are punishable by a fine. The decree comes into force after it has been published.

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