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Belarusian-Chinese Industrial Park to enjoy preferential tax treatment

MINSK, 24 January (BelTA) - Resident companies of the Belarusian-Chinese Industrial Park, which is to be built in Belarus, will be entitled benefits and starting privileges, Chairman of the State Science and Technology Committee of Belarus Igor Voitov said in an interview to BelTA.

For this a relevant decree of the President has been drafted. It has already been coordinated by public administration bodies. The document will impose a preferential treatment for resident companies for the first 10 years. “Until 2017, resident companies will be exempt from all taxes. After that within 5 years they will pay taxes at the rate of 50% of the existing taxes,” said Igor Voitov. Ten years on, newly registered resident companies will be exempt from taxes within three years. During another three years they will pay taxes at the rate of 50%. In general, the preferential treatment will be in place for 30 years.

A joint management company will be set up to develop the industrial park. The founders of the company will be China CAMC Engineering Co. and the Horizont management company. The latter will support the implementation of investment projects, provide consulting, juridical and marketing services, help develop documents necessary for the implementation of projects.

The park will specialize in such areas as mechanic engineering, fine chemistry, biomedicine, household appliances and electronics, and many more. The CIS and Europe are believed to be the main sales markets of the park. The project is estimated at about $30 billion. The total area of the park will make up 80 square meters. The project will create new jobs, develop necessary infrastructure.