News archive
Show

Home  Press Centre News

EY Company released sixth edition of Doing Business in Belarus

The purpose of the guide Doing Business in Belarus I is to give executives an overview of the current tax system, organizational forms and approaches to doing business, as well as accounting and reporting principles in Belarus.

Information in the guide is actualized as of January 1, 2017. It reflects the significant changes in the Belarusian legislation on the financial, economic, fiscal and legal fields. Transfer pricing issues, economically justified costs, incentives for FEZ residents, migration issues of visa-free stay in Belarus — this is only a small part included in the survey of the novelties of the current legislation.

“Decision regarding work abroad is a difficult task, which requires detailed knowledge of the specifics of doing business in the country, along with the understanding that the economic conditions and legal base of Belarus continue to develop in many directions. CEOs must be prepared for a large range of opinions on the situation in the country ”, said managing partner at EY Belarus Pavel Lashchenko.

“Doing Business in Belarus will always be in demand, as objective, reliable and relevant information is always in demand,” noted director of NAIP Natallia Nikandrova.

“We have been cooperating with EY Company for several years and will continue to do so, because we both have the same goal — to make the Belarusian economy competitive through the transfer of new technologies and knowledge. We hope that the acquaintance with this review will be the first step towards a successful business in Belarus. And in this way the National Agency of Investment and Privatization will provide reliable support for companies to opt for Belarus, because the creation of an effective system of interaction of foreign investors with Belarusian companies and public authorities is the main task of the Agency,” added Natallia Nikandrova.

“The information is focused on the key points and allows potential investors to form an initial view of the business environment and the potential of doing business in Belarus,” said director of taxation and the right of EY Svetlana Gritsuk. “We see that the investment attractiveness of our country is increasing with each passing year, more and more foreign companies open their offices and carry out business activities in Belarus. Therefore, the expression “informed means armed” perfectly matches our  guide.”

“The information is focused on the key points and allows potential investors to form an initial view of the business environment and the potential of doing business in Belarus, — said director of taxation and the right company EY Svetlana Gritsuk. “We see that the investment attractiveness of our country is increasing with each passing year, more and more foreign companies are opening their offices and carry out business activities in Belarus. Therefore, the expression “aware — means armed” could not be more suited to our directory.”

Director of the foreign economic activity department of the Foreign Ministry Roman Sobolev noted that the competitive advantages of our country are affirmed by the rating of the World Bank Doing Business 2017, in which Belarus is on 37th position, having advanced 13 points over the year.

“We are recognized as one of the world's leading reformers. In terms of international trade we occupy 30-th place second year in a row, ahead of all the partners in the CIS and EAEU, as well as such European countries as Germany, Finland, Ireland, Malta and Cyprus. An analysis of the major trends of the global economy gives the reason to believe that after four years of decline, we have passed the lowest point, and there are all prerequisites for the gradual recovery of our exports. Now it is the high time of the coherence of the work of state administration bodies, regional executive committees, enterprises. Much depends on our initiative, innovation, ability to enter new markets,” said Sobolev Roman.

Traditionally, the publication is supported by the National Agency of Investment and Privatization, the Ministry of Foreign Affairs of the Republic of Belarus, the Belarusian Chamber of Commerce. The Information Guide is distributed at all important international forums both in Belarus and abroad, contributing to the promotion of a positive image of our country and foreign investment attarction.

Company EY is a global leader in assurance, tax, transaction and advisory services. EY has been working in Belarus since 1994 and is the largest international company in the field of professional business services. Since 2010, the company EY is a member of the Coordinating Council on the approximation of the Belarusian legislation with IFRS, since 2004 EY is the official consultant of the National Bank of Belarus on development and introduction of IFRS in the banking sector. The company is the coordinator of the Foreign Investment Advisory Council under the Government of Belarus since 2001.

The electronic version of the guide can be found here

 

According to BelTA