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The Decree providing compensatory measures in connection with cancellation of customs privileges for FEZ residents is signed.

 

The President signed the Decree providing compensatory measures in connection with cancellation of operating customs privileges for residents of free economic zones since January, 1st, 2017.

 

In particular, the Decree establishes a longer termination date of Belarusian free economic zones activity till December, 31st, 2049. According to the document the borders of the free economic zones: "Brest" FEZ, "Grodno-Invest" and "Vitebsk" FEZ are extended. It is caused by new conditions of activity at the international level. For example, in the project of EAEU Customs Code there is a number of advantages for port and logistical free economic zones, and there are also additional preferences for residents of the zones, the territorial limits of which coincide with the sites of ЕАEU customs border or include the territories of international airports.

 

The Decree also establishes the lower volume of investments descending from 1 million euro to 500 thousand euro. This measure is caused by competition for investments on the EAEU platform.

 

According to the Decree, FEZ residents are exempt from the VAT raised at closing of a customs procedure of a free customs area by putting the own-made goods under a customs procedure for internal consumption.

 

Besides, till December, 31st, 2019 owners of free customs zones are exempt from the VAT raised for the goods produced for internal consumption after a customs procedure of a customs warehouse.

(According to the press-service of the President.).