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20 Mar 2020

Fair competition, use of local materials described as priorities for Belarusian enterprises

Fair competition, use of local materials described as priorities for Belarusian enterprises

MINSK DISTRICT, 20 March (BelTA) – Fair competition and the use of local materials in production should be the key principles of work for enterprises, Belarus President Aleksandr Lukashenko said as he visited Adani Company that leads security, healthcare and scientific industry on 20 March, BelTA has learned.

The head of state asked about the working conditions of resident companies of free economic zones and the preferences which they are given. He stressed that preferences will be preserved only for enterprises generating serious revenues for the country.

At present resident companies of free economic zones are exempt from income taxes of they export products or sell them to other resident companies of free economic zones. Last year they paid Br1.3 billion to the budget, accounting for 3.5% of its revenue side.

According to the president, enterprises which he visits and which are not included in free economic zones often complain about unequal competition conditions.

The head of state is convinced that free economic zones can make a bigger contribution to the country’s wellbeing. Therefore, plans have been made to analyze the Tax Code from this point of view. “We will return to the Tax Code to analyze what is good and what is bad,” the president remarked. “We don’t want to put pressure on anybody. You are aware of the current state of affairs: we have to fight for every penny and for markets.”

The president insists that resident companies of free economic zones should bring maximum benefits to the state. “The main thing is to get foreign currency and to spend it here,” Aleksandr Lukashenko said.

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