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29 november 2017

Decree No. 7 “On Entrepreneurship Development”: Things to Know

On February 26, 2018, the Decree of the President of the Republic of Belarus dated November 23, 2017 No. 7 “On Entrepreneurship Development” comes into force.

The main provisions and innovations of the Decree are as follows:

  • The increase of taxes and the introduction of new ones is prohibited until 2020.
  • Five-year statute of limitations period for collection of taxes, fees, duties and other mandatory payments to the budget is established.
  • Grounds for subsidiary (vicarious) liability are significantly reduced. Owner and director of a company may be liable only if the insolvency of the company is caused by their deliberate actions. For example, in case they knew that their actions would lead to the insolvency but did it.
  • If the director fails to take measures preventing harmful consequences of the company’s activity, he or she shall pay a fine of 10-200 basic units (approximately 95-1930 euro) provided that the failure is not classified as a crime or an administrative offense.
  • Companies are entitled not to use corporate seals.
  • The content (plot, image) of outdoor advertising and transport advertising is not subject to the coordination with executive committees. However, it is still necessary to obtain permission for the placement of such advertising.
  • Only night working hours (from 23.00 to 7.00) of catering and retail companies should be coordinated.
  • Upon the consent of the owner, a lessee is entitled to carry out capital repairs of the leased premises without obtaining permission from an executive committee. It is sufficient only to develop and approve project documentation and notify agencies of state construction supervision. Moreover, the lessee is not subject to the, so-called, attestation of a customer.
  • Premises of different purpose (e.g. manufacturing facility) may be used for the allocation of an office, shop or café.
  • With regard to the conclusion of construction contracts, procurement procedure is not required in case of private funding construction.
  • The list of mandatory fire safety, sanitary and epidemiological, environmental and veterinary requirements for buildings and premises is reduced.
  • Amendments to the Criminal Code mitigating the responsibility for economic crimes are expected to be introduced.

Should you need further clarifications on each of the abovementioned issues, we would be pleased to advise You.