PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of February 15, 2002 No. 103

About some tax matters of the legal entities enabling import and the realization of precious metals and gemstones in the territory of the Republic of Belarus

For the purpose of activation of market development of precious metals and gemstones I decide:

1. Determine that:

1.1. banks for banking operations and other legal entities for the purpose of realization to banks of bank and measuring ingots from precious metals are exempted from payment of customs duties and the value added tax when importing to the territory of the Republic of Belarus of the specified ingots;

1.2. turnovers on realization in the territory of the Republic of Belarus by legal entities to banks, between banks, banks to legal entities and physical persons of bank and measuring ingots from precious metals, ingot (investment) coins from precious metals are exempted from taxation on value added;

1.3. turnovers on realization in the territory of the Republic of Belarus by legal entities to banks, between banks, banks to legal entities and physical persons of the diamonds having the certificate of quality issued by National Bank on diamond are exempted from taxation on value added.

2. To Council of Ministers of the Republic of Belarus:

take the measures directed to accomplishment of this Decree;

together with National Bank till November 1, 2003 to analyze efficiency of application of this Decree and if necessary to make to the President of the Republic of Belarus relevant proposals.

3. This Decree becomes effective since March 1, 2002.

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