Wednesday, May 23, 2018

Tax Reduced on High Tech Products

According to the (BeITA) Belarusian Telegraph Agency who come to know from the press service of the government that the Council of Ministers’ Resolution No.1040 adopted a revised version of the list of high-tech products on 4 December 2013.
The government compiled the list of high tech products and approved by the President. In line with the Tax Code of Belarus, when high tech products are sold out, then the profits are taxed at 10 percent and if the revenue generated is more than 50 percent of the total revenue of the company, then it is exempted from the taxes. The main objective behind tax deduction is to stimulate the production of high-tech goods and raising investments into this field.
Council of Ministers’ Resolution No. 574 passed the previous list of high-tech products on 23 June, 2012, it was considered and revised to promote high-tech industries set forth by Belarus’ technology development strategy for the period until 2015. According to the press service of the government, the goods that are manufactured or produced using technologies of the fifth and sixth technological paradigms are included in the new and updated list formed.
The list also includes the goods that have cleared the state scientific and technical examination and were approved by the State Committee for Science and Technology, on the suggestions of interested agencies and organizations. The list include optical devices, instruments for measuring and test equipment, as well as assembly equipment for microelectronics (Planar company), optical devices (Planar, Peleng, Optoelectronic Systems), medical devices, equipment and instruments (TahatAxi), process control systems (Aquar System, Electrotechnical Solutions), radio-navigation equipment (ArmProjectService), spare parts to aircrafts and spacecrafts (Peleng).
There are few products who are removed from the list of high tech goods such as Euro-4, Euro-5, Stage-3?, and Stage-3? engines (MMZ), large-size tires (Belshina), loaders, vehicles and special-purpose machines (MTZ, MAZ, Amkodor, Vitstroitekhmash, Seismotekhnika). The main objective behind this is to optimize tax administration.
The fifth technological paradigm includes information and communication technologies, biotechnologies, micro- and radio-electronics, robot industry and instrument making, computing machinery and fiber-optic devices, office equipment, medical equipment, pharmaceutical industry, aerospace industry, nuclear energy, gas production and processing. The sixth paradigm includes nano-industry, cell technologies, artificial intelligence solutions, hydrogen power, in line with Belarus’ technology development strategy for the period until 2015.
The resolution comes into force on 1 January 2014.

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