Business news

MINSK, 8 April (BelTA) – The World Bank is ready to advance cooperation with Belarus as part of the project for appraising real estate on a large scale and reforming the real estate taxation system. The relevant statement was made during a recent video conference that connected Minsk and the World Bank HQ in Washington, USA, the press service of the State Property Committee of Belarus told BelTA.

During the video conference the Belarusian side was represented by the State Property Committee, the National Cadastral Agency, the Tax and Duties Ministry, and the Finance Ministry. The Washington side was represented by World Bank specialists and executives responsible for land administration, mass appraisal and geoinformation systems.

The World Bank experts approved of Belarus’ approaches to collecting real estate information, the system used to register and appraise real estate. They also pointed out that Belarus’ approach to cadastral appraisal and taxation of the land plot and the permanent structures on it as a single entity corresponds to the world’s best trends.

The press service of the State Property Committee of Belarus told BelTA that the World Bank is ready to send a team of experts to Belarus in late May 2016. The experts are expected to discuss possible plans for adjusting and further developing Belarus’ cadastral value system, real estate formation and information collection, and possible changes in the real estate taxation system.

As a result of the expert team’s visit the World Bank will consider ways of future cooperation with Belarus in the sphere of cadastral appraisal and the improvement of the real estate taxation system.