From January 1, 2019, the residents of the FEZ were granted additional benefits and preferences
Since January 1, 2019, a new edition of the Tax Code of the Republic of Belarus (Law of the Republic of Belarus of December 30, 2018 No. 159-3) «On Amendments and Additions to Certain Laws of the Republic of Belarus» and the Decree of the President of the Republic of Belarus «On Customs Regulation».
CHANGES IN CUSTOMS REGULATION
The Decree of the President of the Republic of Belarus «On Customs Regulation» was adopted in order to bring the legislation of Belarus in the field of customs regulation on matters within the competence of national legislation into conformity with the Customs Code of the Eurasian Economic Union.
The Decree includes 4 regulatory prescriptions and defines 67 peculiarities of customs regulation. From the day the Decree comes into force, residents of the FEZ will be able to transfer each other real estate objects built in the FEZ using foreign goods without the need to declare and pay customs duties, which will greatly simplify relations within free economic zones.
In addition to procedural simplifications for the residents of the FEZ, the possibility of a «cluster» organization of their work opens up when other residents are allowed to operate on the territory of one equipped customs control zone without creating additional zones inside it.
CHANGES IN TAX CODE
The new edition of the Tax Code of the Republic of Belarus (Law of December 30, 2018 No. 159-3) to the existing tax incentive measures provides additional preferences for residents of free economic zones.
To improve investment activities in the framework of the FEZ for the entire period of their operation until December 31, 2049, it is provided for:
- exemption from income tax in terms of profits earned by the residents of the FEZ from the sale of own-produced goods, which is subject to taxation peculiarities in the FEZ.
- exemption from land tax of land plots of residents of the FEZ, located within the boundaries of the FEZ. The exemption is granted if in the immediately preceding quarter, a resident of the FEZ carried out the sale of goods (work, services) to which the particular taxation conditions in the FEZ apply.
The specifics of taxation in the FEZ are established by Chapter 41 of the Special Part of the Tax Code of the Republic of Belarus.