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Principles of fair business practices and self-regulation to be reflected in Belarus' legislation

Economy 07.12.2017 | 17:13
Vladislav Shchepov. An archive photo
Vladislav Shchepov. An archive photo

MINSK, 7 December (BelTA) – The principles of fair business practices and self-regulation envisaged in the Entrepreneurship Development Ordinance will be reflected in the legislation, Vladislav Shchepov, Deputy Chairman of the Permanent Commission on Economic Policy of the House of Representatives, told the media on 7 December, BelTA informs.

The MP stressed that the ordinance stipulates legal norms and principles of interaction between the government and business. Fair business practices and self-regulation of commercial entities are among them. “These are global principles that guide the development of legislation and law enforcement practices,” Vladislav Shchepov underlined.

The MPs are expected to draft a bill on a single list of administrative procedures for legal entities and individuals, and also amendments to the Criminal Code, which will abolish imprisonment as punishment for as many economic crimes as possible.

Vladislav Shchepov believes that the ordinance will improve business performance and encourage the growth of Belarus' GDP and people's incomes. The MP expects the number of registered SMEs and individuals to grow by spring or summer 2018. “We should support this trend by real measures in law enforcement,” he stressed.

The ordinance was taken into consideration by the MPs on 7 December. It will dramatically change the way government agencies interact with private companies. The document will minimize the interference of government officials in the operation of commercial entities. It will give more leeway to private companies in how they manage their affairs while cranking up the responsibility of private companies towards the public. The minimal level of state oversight shall remain in place.

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