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14 Nov 2018

Investments in free economic zones in Belarus projected to reach $1bn

Investments in free economic zones in Belarus projected to reach $1bn

MINSK, 14 November (BelTA) – The total amount of investments in the free economic zones will reach $1 billion, Belarus Finance Minister Maksim Yermolovich said during the parliamentary hearings held on 14 November to discuss the legal and practical aspects of improvement of Belarus’ investment climate, BelTA has learned.

The free economic zones are in need of additional development of engineering and transport infrastructure. “With the investments, which we are going to draw from international financial institutions, the total amount of investments in the free economic zones will reach $1 billion,” Maksim Yermolovich said.

Today, the tax burden on the FEZ resident companies is 3.9%. The draft new wording of the Tax Code provides for additional tax incentives, privileges and preferences for residents.

“With a view to improving investment activity in free economic zones, their residents have been exempted from the profit tax in part of the sale of goods they produce during the period through to 31 December 2049,” Maksim Yermolovich said.

According to the minister, to develop the free economic zones and attract more national and foreign investment, the head of state decided to expand the boundaries of the free economic zones This will help create more new jobs, make a better use of idle land plots, the finance minister said.

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