Edict of the President of the Republic of Belarus

(Unofficial translation)

 

Edict of the President of the Republic of Belarus

No.452 of July 17, 2006

[Amended as of February 17, 2015]

On Compulsory Sale of Foreign Currency

 

For the purposes of maintaining the stability of the Belarusian ruble, needs of legal persons and individual entrepreneurs in foreign currency, and perfection of the procedure of compulsory sale of foreign currency:

1. To establish, that the legal persons and the individual entrepreneurs, being the residents of the Republic of Belarus in accordance with the Law of the Republic of Belarus of July 22, 2003 “On the currency regulation and currency control” (the National register of legal acts of the Republic of Belarus, 2003, No.85, 2/978) (hereinafter referred to as the legal persons and individual entrepreneurs), carry out compulsory sale of foreign currency in the internal exchange market of the Republic of Belarus in the amount (as percentage points from the sum of proceeds in a foreign currency) and the order, determined by the National Bank.

2. For the purposes of this Edict, proceeds in foreign currency are money resources in foreign currency, in accordance with the list of foreign currencies (determined by the National Bank) which are subject to compulsory sale in the internal exchange market, received by the legal persons and individual entrepreneurs on the accounts thereof in the banks and non-banking credit and financial organizations of the Republic of Belarus, in banks and other credit organizations outside the Republic of Belarus as a result of the deals, providing:

2.1. with legal persons - non-residents, and the natural persons - non-residents, carrying out entrepreneurial activity - transfer, on the onerous basis, of the goods, protected information, exclusive rights on the results of intellectual activity, property for leasing, fulfillment of works, rendering of services;

2.2. with banks and non-banking credit and financial organizations of the Republic of Belarus, banks and other credit organizations outside the Republic of Belarus - financing against cession of the monetary claim (factoring) under the liabilities following from the deals, specified in Sub-clause 2.1 of this Clause, or the registration (purchase) of the securities performing function of payment documents for the deals, specified in Sub-clause 2.1 of this Clause;

2.21. with legal persons, negotiation (purchase) of securities being settlement documents under transactions providing transfer of goods, protected information, exclusive rights to intellectual activity results, execution of works, rendering of services, on a remuneration basis;

2.3. with natural persons - realization of the goods (works, services), payable in foreign currency, by the legal persons and individual entrepreneurs in the territory of the Republic of Belarus and outside it;

2.4. with Closed joint-stock company "Belarusian oil company - realization of oil products;

2.5. with the Closed joint-stock company “Belarusian potash company” – realization of potash fertilizers.

3. Compulsory sale of foreign currency is carried out:

3.1. on the basis of the payment instruction submitted by the legal person and the individual entrepreneur to the bank and (or) non-banking credit and financial organization of the Republic of Belarus not later than within 7 working days from the date of reception of proceeds in foreign currency on the accounts thereof, specified in the first paragraph of Clause 2 of this Edict;

3.2. through the banks and non-banking credit and financial organizations at the tender of the open joint-stock company “Belarusian currency-stock exchange”. If the amount of the foreign currency, which is subject to compulsory sale, is less than the lot specified at the tender of the open joint-stock company “Belarusian currency-stock exchange”, such sale is carried out to the banks and non-banking credit and financial organizations of the Republic of Belarus;

3.3. before execution of payment instructions on uncontested charging-off money sums from the accounts of the legal person and the individual entrepreneur.

4. Compulsory sale of foreign currency is not carried out:

4.1. by the banks and non-banking credit and financial organizations, the insurance organizations of the Republic of Belarus, residents of free economic zones;

4.2. for the proceeds in foreign currency, received by the organizations of electric communication and mail service and directed by these organizations, within 30 days from the date of reception, to the account for payment of accounts for services of international communication;

4.3. for the proceeds in foreign currency, received by legal persons and individual entrepreneurs, carrying out activity in the sphere of aviation, transport-and-forwarding activity, carriage of passengers and cargo by motor transport, inland water transport, sea transport, and directed by them, within 30 days from the date of receipt on the account for the payment of expenses on transportation, insurance and forwarding of passengers and cargo, and also on payment of taxes and duties in foreign currency, connected with carriage of passengers and cargo;

4.4. for proceeds in foreign currency, which are subject to transfer and which are transferred within 30 days from the date of reception on the account in accordance with the agreements of agency or of commission with non-residents during carrying-out, by the legal persons and individual entrepreneurs, of intermediary activity, which is directly concerned with deals, from which the proceeds in foreign currency are obtained;

4.5. for proceeds in foreign currency transferred on the special account within 7 working days from the date of reception of these proceeds to the account for the purposes of accumulation of money amounts, intended for payment of debts in foreign currency of:

the credits, loans (including interest for using thereof), borrowings, granted in accordance with the decision of the President of the Republic of Belarus, the Government of the Republic of Belarus or against the guarantee of the Governments of the Republic of Belarus;

the credits, loans (including interests for using thereof), granted by non-residents or banks of the Republic of Belarus and used for purchase of objects of leasing or property, considered as the permanent assets used in the entrepreneurial activity or for the purposes of own production;

leasing;

4.6. for the proceeds in foreign currency, remitted within 7 working days from the date of reception on the account to the bank or non-banking credit and financial organization (factor) on the ground of the agreement of financing against cession of the monetary claim (factoring);

4.61. for the proceeds in foreign currency received by the legal persons and individual entrepreneurs from the realization of property conversed in the ownership of the state, and also of the property on which levying have been imposed for non-fulfilled tax obligation, unpaid penalties fees, in the amount subject to be paid to the budget;

4.62. [excluded]

4.7. in other cases, in accordance with the decision of the President of the Republic of Belarus, providing complete or partial exemption of the legal persons and individual entrepreneurs from compulsory sale of the amounts of foreign currency, received on the accounts thereof.

5. Delayed compulsory sale of foreign currency -

results in imposition of fine on the legal persons and individual entrepreneurs, at a rate of up to one percent from the amount of non-sold currency per every day of delay, but not more than the amount of non-sold currency.

unreasonable understating of the currency amounts, which are subject to compulsory sale -

results in imposition of fine on the legal persons and individual entrepreneurs at a rate of unreasonably understated currency amounts.

Proceedings, including application of economic sanctions, for the offences provided in the first and second part of this Clause, is carried out by the authorized officials of taxation bodies and bodies of the Committee of the State Control.

6. The imposition of administrative sanctions for untimely sale of foreign currency or for ungrounded decrease of the amount of foreign currency subject to compulsory sale does not exempt legal persons and individual entrepreneurs from compulsory sale of foreign currency for proceeds in foreign currency, for which such compulsory sale was not carried out.

7. The Council of Ministers of the Republic of Belarus and the National bank should, within two months, bring the normative legal acts in conformity with this Edict and take other measures for its implementation.

8. To declare invalid the Edicts and provision of the Edict of the President of the Republic of Belarus in accordance with the appendix to this Edict (not given).

9. This Edict enters into force in 2 months after its official publication, with the exception of Clause 7 and this Clause, which enters into force since the date of official publication of this Edict.

Clause 5 of this Edict remain in force up to the date of coming into force of the Code of the Republic of Belarus on Administrative Offences of April 21, 2003 and the Procedural Executive Code of the Republic of Belarus on Administrative Offences.

 

 

President of the Republic of Belarus                                                                                                                                                                                                  A.Lukashenko

 

* unofficial translation *