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Belarus takes measures to support economy during COVID-19

On April 24, Alexander Lukashenko signed into action Decree No. 143 “On supporting the economy.” The document was adopted in order to "minimize the impact on the economy of the Republic of Belarus of the global epidemiological situation." The text of the decree is published on the National Legal Portal - http://pravo.by/document/?guid=12551&p0=P32000143&p1=1.


The document provides for the support of companies in certain sectors of the economy that are most affected by the coronavirus pandemic. The list includes manufacturing, textile and clothing production, wholesale and retail trade, air transportation, fitness centers, beauty salons, hairdressers, restaurants, bars, travel companies, etc.


Local authorities have the right to provide companies from the affected areas with tax holidays from April 1 to September 30, 2020. “Payment of deferred, installment payments, tax credit will be made monthly in equal installments from October 1 to December 31, 2020.”


The authorities recommend that legal entities and individual entrepreneurs provide tenants - business entities, taking into account the volume of their revenue, a deferral of payment of rent, as well as to reduce its size.


Individual entrepreneurs are given the opportunity to switch to other taxation regimes and recalculate the single tax due to their temporary failure to carry out activities.


The total sum of governmental support to the economy during COVID-19 is expected to be up to approximately 2 billion euros. About half of this is said to be financed by external debt. We expect a more accurate list of support measures will soon be published.


27.04.20


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