Increase in Belarus’ GDP during the current five-year period is expected at 62% to 68%
Business and Investment Activities
One of the main factors behind the planned acceleration of economic growth should be the creation of favorable conditions for the development of business and investment activities in Belarus.
In this regard, the Program of Government Action for the Years 2011-2015 approved by Resolution No. 216 of 18 February 2011 of the Council of Ministers provides for a comprehensive improvement of the national legislation in order to accomplish the task set by the head of state to make the country, within the next several years, one of the 30 nations with the best conditions for doing business.
For this, it will be necessary, on the one hand, to change the organizational forms of administration and, on the other, to create the real conditions for the growth of small and medium-sized businesses, give freedom to businesses in decision making and realizing their initiatives, expand their investment opportunities. The main principle is to have healthy competition everywhere where it is possible and state regulation where it is necessary. To apply this principle, we plan to create equal conditions for the operation of state-owned and privately-held companies, reconsider the methods of regulation of economic processes, limit the direct involvement of the state in
in accordance with the main provisions of the Social and Economic development Program of the republic of Belarus for the Years 2011-2015 approved by the 4th all Belarus People’s Congress, the annual increase in gross domestic product (GDP) during the current five-year term is expected at 10% to 11%, which is a quarter more than the average GDP growth over the past ten years (7.4%).
economic activities, ensure that the responsibility for economic offences is proportionate to the damage done by such offences, implement a range of other systembased measures, etc.
The first step here will be finetuning the current legislation to Directive No. 4 of the President of the Republic of Belarus “On the Promotion of Entrepreneurial Initiative and Stimulation of Business Activity in the Republic of Belarus.” Specifically, in the first quarter of 2011 a set of regulatory legal acts will be prepared in order to implement the direct effect provisions contained in the Directive, after which we will bring, as quickly as possible, other relevant amendments and alterations to the existing laws so as to ensure the implementation of the other provisions of the Directive.
The specific legal and administrative measures for carrying out systematic reforms and creating an enabling environment for the execution of business operations, developing a large competitive sector of small and mediumsized business will be part of the activities aimed at implementing the provisions of the Directive approved by a joint resolution of the Council of Ministers of the Republic of Belarus and the National Bank.
In general, the government intends to implement a set of system-based measures aimed at im- proving regulation at all stages of the life-cycle and every-day operation of commercial entities.
Specifically, we plan to improve the procedures of registration and liquidation of commercial entities. This means specification of the legal documents that identify the amounts of and the procedure of creating authorized funds of commercial entities, abolishment of the mandatory changing of the founding documents of a legal entity if the entity is sold as a property complex, lifting of the prohibition imposed on an individual entrepreneur to perform business operations regardless of the period that has passed since the decision on repealing his state registration.
In taxation it is planned to reduce the tax burden on commercial entities, including by reducing the profit tax rate by 2% to 4%, giving businesses the privilege of registering losses as future revenues, expanding the application of the simplified taxation schemes.
To ease the tax administration, it is planned to improve the proce-