12 November, President of Belarus Alexander Lukashenko issued decree No 8, providing innovations that have not been previously identified by the investment legislation.
Thus, investment agreements will be concluded only in respect of the priority sectors of the economy, identified by the Government.
The order of allocation of land plots for investment projects has been changed. In particular, without an auction, they will be assigned only from the list of areas intended for subsequent allocation to investors and organizations for construction of facilities, provided by concluded investment contracts.
If there are two and more potential investors desire to implement an investment project at one and the same land plot, one investor will be selected on a competitive basis. This will ensure the best and most efficient usage of the land resources.
The decree specified other benefits and preferences for investors. These include the exemption from fines and penalties for the violation of the investment agreement terms and the possibility to pay in installments depending on the stage of the implementation of the investment project and the volume of investments.
Benefits and preferences will be provided to contractors, developers of construction specifications. In particular, they are exempt from the state duty for the issue (prolongation) of permissions for using foreign workforce in Belarus, special labor permissions. Foreign nationals and stateless persons involved in the investment project are exempt from the state duty for the issue (prolongation) of temporary residence permits in Belarus.
Particular attention is given to the compensation of benefits and preferences by investors if they fail to fulfill the terms of the investment agreement, as well as to the possibility of relief (prolongation) from fines for the violation of the investment agreement terms.
Apart from that, the investor will not have to compensate benefits and preferences, pay fines and penalties for the violation of the investment agreement terms due to the illegal activities (inaction) of public bodies, executive committees or other organizations which have concluded an investment project, another state body (organization) in the absence of fault of the investor and (or) the organization.
During development of the draft decree the experience of implementation of investment projects signed with Belarus was analyzed, the proposals to the government authorities, investors, business community were taken into account.
The publication of the decree is due to the need to improve the contract making procedure, modification and termination of investment contracts with Belarus, the mechanism of providing investors with privileges, preferences, updating of their list, as well as measures of investor’s responsibility for any violation of the investment agreement terms.
Source of information: president.gov.by