The Belarusian government has set up a new special economic area at Bremino-Orsha in the Vitebsk Free Economic Zone in the northeast of the country, Emerging Europe writes.
According to the local sources, the special economic area, which consists of industrial and logistics sectors, will offer several investment discounts for foreign companies.
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These include tax preferences and deductions such as no income tax for the first nine years, no real estate tax for the first 20 years, no VAT on exported manufactured goods outside the Eurasian Economic Union and no dividend tax until 2033.
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Manufacturing companies operating in the area will produce household appliances, pharmaceuticals, food products, car parts, cosmetics, chemicals, and jewelry.
The zone itself will offer services in processing, wholesale trade, e-commerce, logistics, warehousing, communication, administration, research, and development.
Vitebsk is one of six free economic zones (FEZs) in Belarus where the government allows international investments under special conditions to boost the Belarusian economy. Currently, more than 280 resident companies operate in FEZs in Belarus, employing over 61,000 people.