Decree No. 4 lays down a two-level system of investment agreement instead of the three-level system currently in force. Previously, investment agreements of the second level were concluded by the Belarusian Government. If additional preferences for investment project implementation were required, the Government had to agree this with the President (the third level).
From now on the Government can conclude all investment agreements only with the approval of the President. Terms for investors who do not claim additional preferences and who plan to conclude an investment agreement with Belarus through state authorities or executive committees (the first level) remain unchanged. The list of investment agreement terms now includes implementation terms as well as a confidentiality obligation. Additionally, foreign investors can now conclude investment agreements in foreign languages and use foreign project documentation. However, if installations have to be tied to their location, documentation must conform to standards in force in Belarus. In any other case documentation requires adaptation and correction. Under the present changes investors are exempted from land tax and lease payment for land plots allocated to investors for the period when project documentation is developed. Decree No. 4 envisages some other tax preferences as well.
The new regulations enter into force on 7 August 2011.
Source: (NRLA 2011, 1/1258)
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