July 5, 2004

Edict of the President of the Republic of Belarus of June 23, 2004 No. 293 On Creation of the Educational Institution Baranovichi State University establishes that the Baranovichi State University is created on the basis of the reorganized educational institution Baranovichi State Higher Pedagogical College and property of the terminated Baranovichi affiliation of the Belarusian National Technical University and Baranovichi affiliation of the Brest State University named after A.S. Pushkin as well as the property of the liquidated Baranovichi College of the Ministry of Internal Affairs of the Republic of Belarus.

Decision of the National Bank of the Republic of Belarus of June 28, 2004 No. 103 introduces amendments and alterations to the Instructions on Procedure for Giving (Allocation) of Money by Banks in the Form of Credit and of Their Repayment. Alterations and amendments, first of all, concern the overdraft crediting. There are also amendments establishing that inter-bank credit contract may not provide any means to secure the fulfillment of obligations.

Decision of the State Customs Committee of the Republic of Belarus of June 17, 2004 No. 49 On Interpretation of the Rules of the Decision of the State Customs Committee of January 28, 2004 No. 9 and Its Effect is passed in connection with the questions arising from application of some rules of the Instructions on Arising and Termination of Tax Obligation, Arising and Termination of Obligation to Pay Interests, Arising and Paying Off the Customs Debt and Interests Debt approved by the Decision of the State Customs Committee of January 28, 2004 No. 9.

Decision of the Ministry of Economy of the Republic of Belarus of June 28, 2004 No. 151 approves the Instructions on Procedure of Carrying Out of Control Over Activity of Temporal (Anti-crisis) Managers in Economic Insolvency (Bankruptcy) Cases. The Instructions establish the forms of such control, procedure and forms of reports on managers activity and sanctions to the managers. Control may be carried out in the forms of monitoring of the activity, participation in joint inspections (checks) of financial and economic activity and spot checks. The Instructions gives also the grounds for the spot check and that is a motivated complaint (shall not be anonymous) and request of economic court.

Decision of the State Customs Committee of the Republic of Belarus of June 17, 2004 No. 50 On Collection of Customs Duty, Excises and VAT at Customs Registration of Some Goods in the Customs Regime of Release to Free Circulation establishes, in particular, that while changing the customs regime of temporal import in relation to goods mentioned in the appendix to the Decision to the customs regime of release to free circulation the customs duty and VAT are taken at the amount of 10 % from the rates established by legislation. The Decision also establishes the conditions for collecting the 10% rate and documents confirming the existence of such conditions. The Decision also introduces some changes to the Classifier of Peculiarities for Calculation of Customs Payments (0810) of appendix 4 to the Regulations on Customs Document CMR approved by the Order of the State Customs Committee of July 9, 1998 No. 146- OD.

Decision of the State Customs Committee of the Republic of Belarus of June 17, 2004 No. 51 approves the Instructions on Procedure for Calculation and Payment of the Customs Duties and Taxes for Using the Goods in the Customs Regime of Temporal Import (Export) as well as Freeing of the Temporally Imported (Exported) Goods from Customs Duties and Taxes and the Instructions on Procedure of Application and Filling In the Banks of Settlement of Customs Duties and Taxes Subject to Payment for Using the Goods in the Customs Regime of Temporal Import (Export). The Instructions on Procedure for Calculation and Payment of the Customs Duties and Taxes gives explanation, inter alia, about the goods freed from the customs duties and taxes when they are temporally imported (exported.