RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS

of May 16, 2002 No. 621

ABOUT THE DEDUCTION, OFFSETTING OR RETURN OF THE TAX AMOUNTS ON VALUE ADDED PAID BY THE JOINT BELARUSIAN-GERMAN BUSINESS "TSEYSS-BELOMO" IN THE FORM OF LIMITED LIABILITY COMPANY

For the purpose of ensuring modernization and upgrade of production of the joint Belarusian-German business "Tseyssbelomo" in the form of the Council of Ministers of the Republic of Belarus limited liability company decides:

1. Determine that:

the tax amounts on value added paid by the joint Belarusian-German business "Tseyss-BELOMO" in the form of limited liability company when importing to customs area of the Republic of Belarus of fixed assets and intangible assets or in case of their acquisition are deductible in full in each accounting tax period from the moment of acceptance on accounting of the specified fixed assets and intangible assets;

offsetting or return from the republican budget of the amounts of excess of the value added tax paid when importing to customs area of the Republic of Belarus of fixed assets and intangible assets or in case of their acquisition over the tax amount on value added estimated on sales of goods (works, services), to this joint business is performed within 10 working days from the date of adoption by tax authority of the decision on carrying out offsetting or return.

2. Operation of this resolution extends to the legal relationship which arose since April 1, 2002.

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