No Income Tax For Foreign Creditors

29.03.2010 16:13
Архив Редакция

March 26, the President, Alexander Lukashenko, signed a decree № 159 "On some issues of income taxation of foreign companies". According to the decree, foreign organizations, which do not work in Belarus as permanent representation, are exempted from paying tax on income earned from credits, loans to the Government and Belarusian residents under the state guarantees.

«The document is issued in order to create favorable conditions for attracting foreign investment in Belarus», head of state’s press service explained.
As Telegraf previously reported, in 2010, the Belarusian Government set a target to attract 2.7 billion dollars of foreign investment in fixed capital.
In 2009, there were invested 9.3 billion dollars in real economy.  In many aspects it happened thanks to Belarusian companies with foreign capital. Russia invested in Belarus more than six billion dollars, or 65% of total foreign investment. Then, according to the amount of investments in the Belarusian economy follows Austria (10%), Cyprus (6%), United Kingdom (5%) and Switzerland (4%).
At present, there are five thousand organizations with foreign capital working in Belarus. In 2007, the percentage of companies with foreign capital in overall exports of the country was 20%, in 2008 — more than 30%.

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