bnt attorneys for CEE close.straight.forward

Amendments to the procedure for implementation of foreign trade operations

The time-limits for completion of import and export operations have been extended.

In Belarus there is a duty to complete foreign trade operations providing for compensated transfer of goods (works, services, information and IP rights), within the established time-limits. The extension of these time-limits is subject to permit of the National Bank.

From 28 June 2017 the amendments to the Edict of the President of the Republic of Belarus No. 178 “On implementation of foreign trade operations” have entered into force, extending the time-limits for completion of export operations – from 90 to 18o days since the shipment of goods (rendering services, completion of works, transfer of information and IP rights) and import operations – from 60 to 90 days from the payment date.

The amendments also addressed the import of goods, performance of works and services in construction abroad. Thus, foreign trade operations, providing for performance of works (services) for erection of co-invested construction objects in the Russian Federation, must be completed no later than the completion date of the construction of the object.

Upon performance of construction works (services) abroad the employer must pay back the reserved funds (in the amount of up to 10% of the contract price) to the contractor no later than 30 days since the expiry of the warranty term for the performed works (rendered services). Besides, the payments for the goods imported without entry in the territory of the Republic of Belarus do not require the permit of the National Bank, if the goods are intended for use in construction abroad.

Furthermore, the amendments permitted completion of import operations not from the importer’s account if the payments are made with the use of credits provided by banks to the importers (including the credits provided to the Government or against its guarantee), as well as loans and funds of international technical aid provided to the importers by non-residents.

The amendments aim to simplify foreign trade activities and the procedure for completion of foreign trade operations.

Source: National legal Internet portal of the Republic of Belarus (NLIP) 27.06.2017, 1/17127

Subscribe to the newsletter

By pressing Subscribe you consent to our data processing terms