Business news

MINSK, 25 July (BelTA) – Organizations working in space engineering and providing services in this industry will be exempt from income tax. Corresponding decree No. 288 of 20 July signed by Belarus President Alexander Lukashenko was published on the National Legal Internet Portal on 25 July, BelTA informs.

In accordance with the decree, space engineering is a branch of science and the manufacture of onboard instruments, complexes and systems meant for outer space, including devices for the remote sensing of the Earth, special parts for this equipment, specialized surface equipment, complexes and systems for the manufacture and testing of onboard equipment.

The decree specifies that the funds released from the use of the tax preferences will be used by organizations to purchase equipment, do research and other technological works, provide services connected with space engineering.

Tax preferences will be provided following the conclusion of the State Defense Industries Committee that the works and services are related to space engineering.

The decree enters into force after its official publication and will be operational till 31 December 2023.