New mechanism for using innovation funds in Belarus

MINSK, 8 June (BelTA) – Belarus has introduced a new mechanism of setting up and using innovation funds. Belarus President Alexander Lukashenko signed Decree No. 232 to amend Decree No. 596 “On the issues of setting up and using innovation funds” of 7 December 2009, BelTA learnt from the presidential press service.

Amendments were needed to improve the economic mechanism described in the document.

The novelties include:

transition to quarterly contributions to innovation funds in 2011;

establishment of innovation funds of the Belarusian National Union of Consumer Societies, the National Academy of Sciences of Belarus, Belarus Trade Union Federation, the Belarusian Society of the Deaf and the Belarusian Association of Visually Handicapped;

condition of contributing by state-run business entities to not more than one innovation fund;

using resources of the innovation funds to finance the activity in technical rate setting and standardization;

using resources of the innovation funds to pay back banking loans raised for innovation projects, research and developments, energy-saving; etc.

Directive No. 4 requires abolition of compulsory establishment of innovation funds for private companies and state organizations not subordinate to the government.

In view of annulment of certain acts of several enactments (Decree No. 119 “On simplified taxation system” of 9 March 2007, Ordinance No. 27 “On introducing single tax for agricultural producers” of 13 July 1999, Decree No. 499 “On measures to renew the main resources in the construction sector” of 4 August 2006), certain acts of these enactments envisaging preferences for tax payers have been included into this decree.

The decree will take effect on the day of its official publication and will cover the relations established starting from 1 April 2011.