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Thursday, August 24, 2017

Belarus to grant tax incentives for agricultural investments under presidential decree

Belarus will grant tax incentives in exchange for investments in the country's unprofitable agricultural industry under a recent presidential decree issued by President Alexander Lukashenko.

The incentives were contained in the Belarusian presidential decree No. 348, dated July 17, and published on the official legal website on Wednesday, BelTA reports.

Legal entities who acquire the rights and liabilities of agricultural enterprises will be allowed to reduce profit taxes for four years.

The taxable profit base will be reduced according the amount of money spent on raw materials, machinery, equipment and spare parts, as well as other assets directly related to development of the agricultural sector, according to BelTA.

In addition, money spent between Jan. 1 of this year through December 31, 2016, on selling agricultural enterprises as property complexes is not subject to value added tax.