January 19, 2004

On January 14, 2004 the President of the Republic of Belarus adopted the Edict No. 7 On Stimulating the Development of Industrial Production. The Edict establishes that in 2004 organizations included into the list approved by the Council of Ministers of the Republic of Belaurs are freed from payment of the exceeding sum of VAT, profit tax and other subject to payment for the relevant period of 2004 in comparison with the sum of taxes subject to payment in the relevant period of 2003. Money received due to the fact are used for financing activities provided by their business plans for increase of amounts of realization of manufactured goods (works, services). In case of usage of the money for other purposes economic sanctions are applied to the organizations.

Decision of the Constitutional Court of the Republic of Belarus of January 12, 2004 No. P-167/2004 On Constitutionality of the Decisions of Vitebsk, Polotsk and Novopolotsk city Council of Deputies on Introducing of Local Duty for the Right to Do Gambling Business (Right to Run a Gambling Establishment) recognizes the decisions of Vitebsk, Polotsk and Novopolotsk city Council fo Deputies to collect a local duty for gambling business do not contradict the Law On Budget of the Republic of Belarus 2003.

Edict of the President of the Republic of Belarus of January 14, 2004 No. 11 establishes to sign the Civil Convention on Corruption (Coucil of Europe) dated of November 4, 1999 with a view of its further ratification.