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Chinese-Belarusian industrial park to be created

The Decree of the President of the Republic of Belarus №253 as of 5 June 2012 “On Chinese-Belarusian industrial park” establishes creation of a special economic zone – Chinese-Belarusian industrial park with a special legal regime for a special economic zone with a special tax order for 50 years from the date when this Decree enters into force.
The Administration of the Chinese-Belarusian industrial park is recognized to be a supreme governing body, which is the governmental institution subordinate to the Council of Ministers. The Administration of the park is created by the Council of Ministers and acts in accordance with its Charter, adopted according to the legislation.
To provide the development of the Chinese-Belarusian industrial park, Belarusian-Chinese joint company is to be created. The company will take care for inviting investors, managing the park’s facilities, and developing its infrastructure. Belarus will own 40% of the company’s authorized fund, with China owning the rest. In the board of directors Belarus will have a blocking vote.
The authorized fund will be made of foreign currency contributions of the founders.
Salaries of employees of the company and/or resident companies of the industrial park will be subject to a 9% income tax till 1 January 2027.
This Decree enters into force from the day of its official publication.