Plans to revise punishments for economic crimes in Belarus

Bizar Male

MINSK, 19 January (BelTA) – Grounds for the administrative prosecution and criminal prosecution of private companies will be revised in Belarus. Belarusian Economy Minister Aleksandr Chervyakov made the statement during a presentation of the main directions of Belarus’ social and economic development program for the 2021-2025 period on 19 January, BelTA has learned.

The official said: “Making the Belarusian jurisdiction attractive for private companies and investors will be the key. This is why the Belarusian People’s Congress will have to discuss measures designed to enable additional guarantees of protection of the rights of bona fide businesses and investors. Plans have been made to revise grounds for the administrative prosecution and criminal prosecution of commercial entities for economic offences. Using economic penalties for economic crimes is the idea.”

Aleksandr Chervyakov

Aleksandr Chervyakov

According to the economy minister, investors are supposed to get a stabilization proviso. For instance, the investment contract may stipulate that taxes will not be raised for a period of five years.

The introduction of special investment contracts is another idea. As part of such contracts the government will guarantee it will purchase some of the output of new enterprises.

Plans have been made to increase investment deductions, which can be classified as expenses, for investment projects and for projects in certain territories.

Apart from that, according to Aleksandr Chervyakov, it will be necessary to expand the authority of municipal administrative bodies in matters concerning the regulation of land relations and property relations.

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