NEW POSSIBILITIES FOR YOUR BUSINESS IN BELARUS

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NEW POSSIBILITIES FOR YOUR BUSINESS IN BELARUS
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AXIUM Group

• AXIUM Group was founded after strategic division
  of UNITER Group and  rebranding of the
  Department of consulting in 2006.
• General area of competence of Axium Group is
  audit and accounting of foreing enterprises and
  representative offices in accordance with
  national standards and IFRS.

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Accounting Department of AXIUM Group

• Accounting of enterprises and representative
  offices in accordance with national standards
  and IFRS
• Drawing up and delivery of the reporting
• Statement of accounting
• Restoration of accounting
• Reflection of economic operations on accounts of
  book keeping.

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Audit Department AXIUM AUDIT the leading
national audit company

• auditing of financial and operational activities
  in accordance with national standards and IFRS
  standards
• Transformation of financial reports prepared by
  national standards into IFRS reports.
• Due diligence.

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Taxation in Belarus
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Rigidly settled system of accounting and tax
registration

• Belarussian accounting rules essentially differ
  from international
• Kinds of the accounting
• under national standards (for the state)
• under standards of the company (for shareholders
  and managers)
• under IFRS (for foreign shareholders or
  creditors).

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One of the most complicated taxation systems in
the world.

• complex and inconsistent tax legislation
• 178th place by quantity of paid taxes according
  to "Doing Business 2008 , the report of the
  World bank and IFC - 124 payments within a year
  (in view of repeating payments)
• in total there are 34-47 tax payments (depending
  on region)
• frequent changes of the tax legislation
• the excessive reporting
• high tax burden
• excessively rigid system of penal sanctions
• a plenty of regulatory bodies.

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General taxation system

• Accounting is maintained in accordance with
  general practice.
• The basic taxes VAT, income tax,
  securities trading profit tax, ecological tax,
  tax duties in the support fund of agricultural
  producers, etc.

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Simplified taxation system, with VAT

• Criteria of application of system
• Number of employees, not more than 100
• Volume of proceeds not more than BYR 1 500
  million
• The basic features
• Payment of the VAT under the rate of 18
• Single tax at a rate of 8
• - except for separate kinds of activity

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Simplified taxation system exempt from VAT 

• Criteria of application of system
• Number of employees, not more than 15
• Volume of proceeds not more than BYR 450 million
• The basic features
• Single tax at a rate of 10 from proceeds
• There is no necessity of maintaining of
  accounting in accordance with general practice.
  Instead of the book of the account of incomes and
  charges of the organizations is maintained.
• There is no necessity of registration of the
  prices for the goods and services
• - except for separate kinds of activity

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Taxation in FEZ

• There are 6 Free economic zones in Belarus FEZ
  Brest, FEZ Minsk, FEZ Gomel-Raton, FEZ
  Vitebsk, FEZ Mogilev , FEZ Grodno-Invest.
• Preferential terms of activities are applied to
  the enterprises founded in FEZ.

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Taxation in Hi-Tech park

• Preferential terms of activities are applied to
  the enterprises founded in Hi-Tech park.
• The list of goods is ratified which can be
  imported on the customs territory of Belarus by
  the Hi-Tech park residents without paying import
  customs duties and VAT to customs bodies.

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Taxation in towns

• Preferential terms of activities are applied to
  commercial companies founded after April, 1, 2008
  in towns with population up to 50 thousand
  people
• Exemption from calculation of taxes and income
  tax payment, tax duties in the support fund of
  agricultural producers during in-house goods
  (services) realization,
• Exemption from obligatory foreign currency
  selling got from operations with foreign
  partners,
• In case of laws alteration, incl. that in tax
  area the entitles preserve the right to apply the
  legislation existing at the moment when such
  entitles were founded (for the period of 5 years
  from the moment of foundation).

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Slow but real simplification of taxation

• Some insignificant taxes were canceled,
• VAT implementation is being simplified now,
• Accounting system of complex ecological tax is
  planned to be simplified in 2008.

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• AXIUM Group
• Smolenskaya str., 15, of. 805
• Minsk, 220088, Belarus
• Tel./fax [phone]
• e-mail axium_at_axium.by