Belarus grants VAT exemption for imported equipment not made locally

MINSK. March 5 (Interfax) - Belarusian President Alexander Lukashenko has issued a decree exempting imported process equipment that is not made in the country from the value-added tax, the president's press service reported.

The decree, which also grants a VAT exemption for imported components and spare parts for such equipment, is intended to "stimulate the modernization of existing and creation of new production facilities," the press service said.

Businesses will have to meet certain conditions to receive this tax break, such as obtain a finding from the authorities that similar equipment is not made in Belarus, include the imported equipment in fixed assets and use it to produce products, carry out work or provide services.