The limitation period for privatization deals in Belarus is planned to be reduced to three years. This was announced by Chairman of the Standing Committee of the House of Representatives for Economic Policy Vladislav Shchepov during a round table devoted to the improvement of the Law on Investments, which was held in the upper house of parliament.

The House of Representatives amended the current law "On the privatization of state property and the transformation of state unitary enterprises into open joint-stock companies." It is not excluded that the bill will be considered already at the autumn session. In it, in particular, the reduction of the limitation period for privatization deals is included. "We believe that this is a huge step forward, because this is the key point that deterred investors," the Chairman of the Standing Committee noted.
According to him, in the Belarusian legislation, the limitation period is reduced to three years, and this time is quite enough, since "all possible claims can be presented and appealed against this or that decision." "Why wait for ten years?"  Vladislav Shchepov asked, noting at the same time that an increase in the limitation period affects the value of the privatized object.

In addition, the deputies introduced a bill in the House of Representatives, which presupposes amendments to the current legislation on investments. Vladislav Shchepov hopes that it will also be considered in the first reading, in order to finalize for the inter-sessional period to the second reading, taking into account incoming proposals and parliamentary hearings on investment topics, which are proposed to be held. "Together we will correct it in such a way that it will benefit our investors and we could move forward," the parliamentarian said.

Thus, one of the innovations of the bill concerns the calculation of the value of property, which can be nationalized, requisitioned or seized by other means in accordance with the law. Another innovation touches on the issue of state immunity in court proceedings.

In turn, Vladimir Pantyukhov, Chairman of the Standing Committee of the Council of the Republic for Economy, Budget and Finance, noted that for nine months $ 905 million of direct foreign investments were attracted on a net basis with a target of $ 1 billion 30 million. "The volume and dynamics of investments leave much to be desired," senator.

"Of course, for every investor in any country it is important that the rules of the game on its field of activity are clear and simple, and the legislative framework governing conduct of business is transparent and stable. Therefore, one of the effective mechanisms for increasing the country's investment attractiveness is the legislation mprovement”, he said.
Vladimir Pantyukhov drew attention to the fact that currently the investment sphere in the state is regulated by about 40 legal acts, an interdepartmental working group has been set up to work out systemic measures to improve the investment climate in the country. "However, there are still no bold and effective innovations in investment legislation, complex decisions are not taken," he stressed.

Based on BelTA materials