MINSK, May 25 (Xinhua) -- Belarusian President Alexander Lukashenko has decided to expand benefits for residents of the China-Belarus industrial park Great Stone.
The representatives of the Belarusian Economy Ministry on Thursday commented on Belarus President decree, which was released by the official website.
According to the decree, the resident companies of the industrial park will be exempted from the profit tax for 10 years after the first fiscal period when the resident company generates profits by selling goods or services.
The document said that the resident companies and the joint managing company will be exempted from the land tax for the period of the special legal regime, in other words, till June 14, 2062.
Local experts said the document focuses on liberalization and optimization of legislation in the sphere of land, currency, labor relations, migration, customs regulation, design, construction and acceptance of industrial park facilities.
In addition, the provided tax benefits have been expanded, the cost of energy resources has been reduced, customs administration has been simplified, functions have been expanded and the powers of the park administration have been increased.
The decree also changed the total area of the industrial park, which now amounts to 11,247 hectares. The Minsk National Airport is included in the borders of the park as well.
The China-Belarus industrial park is now under construction in Smolevichi district of Minsk region.
