Authoritative Polish newspaper Wprost published an article “Eastern Tax Paradise”, telling about opportunities for foreign investors in Belarus.
“Exemption from income tax for 15 years, VAT zero rate, cheap labor force and duty-free access to 170 million consumers. Isn’t it a tax paradise? No, it is Belarus,” begins the article.
It is noted that Poland, at last, has begun to be more open towards Belarus. Belarus was opened for the Polish side, but political problems blocked broader collaboration. In particular, during the visit to Belarus in October 2016 Vice-Chairman of the Council of Ministers, Minister of Development and Finance of Poland Mateusz Moravetsky spoke about readiness of Poland to participate in privatization of the Belarusian entities.
According to Henrik Sedmok, Chairman of the board of the Atlas group, 60% of the market accounts for Belarus, Belarusians are open for foreign investments — for this purposes economic zones have been created where the investor for 5 years does not pay income tax at all, the VAT rate is only 10%. The Park of high technologies, where income tax rates and VAT are equal to zero within 15 years, is even more attractive.
“Belarus is a member of the Eurasian Customs Union and thanks to this has access to the Russian and Kazakhstan markets. And it is 170 million consumers,” tells the newspaper. Polish producer of furniture Vaux, who in 2009 opened factory in FEZ Brest, also praises Belarus.
The opinion expressed in the article is that foreign investors take the privileged position allowing them to work at ease in Belarus, and local authorities and administration actively promote collaboration. There are also no problems with qualified personnel.
“The competition level is much lower there, than in our country or in Western Europe,” Henrik Sedmok adds. “Because of the stereotypes concerning Belarus there are few people who hurry to come to the Belarusian market. This is delusion. The person who will be the first to occupy his own place in the market there, most likely will be the winner.” Belarus takes the 30th place in Doing Business Ranking 2017 in the world regarding the time necessary for entity registration (Poland is on the 107th place), the procedures allow businesspeople to register the company within one day.
“There will be more and more Polish companies on the Belarusian market,” estimates economist, head of University in Bialystok professor Robert Chiborovski. “Here should be the intensification of contacts. If it could be possible to cancel trade and migratory barriers, my region Podlyasye would derive huge benefits.” However, these barriers have been recently disappearing, that is promoted by visa-free entry to Belarus.
The article tells that Belarusian companies shall enter the Polish market more actively. Several companies have recently showed high interest to join the Warsaw stock exchange (GPW). The advantage of cultural proximity of the people of the two countries is also noted.
According to BelTA