There is a wealth of incentives available to investors and entrepreneurs in Belarus.
Since 1996 Belarus has been establishing zones to foster business investment and growth, backed by substantial tax and regulatory incentives including a five year exemption from any profit tax. So far the government has set up six of these Free Economic Zones and they cover all of the main strategic areas, both in terms of business sectors and geography.
As well as the FEZs, the government created a High Technologies Park in Minsk to help incubate and attract cutting edge ICT businesses in Belarus.
As part of the programme to fast-track economic development across Belarus, there are substantial incentives for start-ups in the smaller towns of the country. Any firm operating in a town of fewer than 50,000 inhabitants is exempt from paying taxes on its profits for five years. It is also spared transport duty and real estate tax on local property, customs duties and VAT payable on many imports.
The government is improving conditions for entrepreneurs and small companies including the establishment of a Council for Entrepreneurship which offers a platform for SMEs to lobby the government. This has resulted in several reforms including the simplification of the tax system from 18 business taxes to four and an improved VAT regime.