Special measures for development of the pharmaceutical industry to be taken

The recent Edict of the President of the Republic of Belarus No 175 of 16 April 2012 regulates new measures, which are to be taken in order to develop the pharmaceutical industry, provide all the necessary facilities, technical re-equipment and reconstruction of production of competitive medical drugs. This Decree establishes that banks, basing on the guaranties of the Government, can submit credits to pharmaceutical organizations, which invest into pharmaceutical projects on the territory of the Republic of Belarus. Repayment of such credits enjoy preferential regime, which foresees the returning of the money to the bank after three years of official functioning of the organization. Also the Government may take decision to pay back interests of such organizations in part at a rate of 75% from the interest rate of their credit.
In addition to that, pharmaceutical organizations enjoy preferential customs regime since 1 January 2012 till 1 January 2016, so that they will be released from paying the VAT and custom duties, while bringing the technical equipment, accessories and spare parts to it, necessary for the implementation of the pharmaceutical investment projects, to the territory of the Republic of Belarus. The Edict enters into force after its official publication.