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31 May 2023, 12:47

Bill on entrepreneurial activity passes first reading in Belarus

MINSK, 31 May (BelTA) – The bill “On amendments to laws on entrepreneurial activity” passed the first reading at the meeting of the ninth session of the House of Representatives of the seventh convocation, BelTA has learned.

The bill was submitted to the House of Representatives by the Council of Ministers. It is designed to streamline the entrepreneurial activity, encourage entrepreneurs to contribute more to the budget, create a fair taxation system and a competitive environment between various forms of microbusinesses, prevent tax evasion, as well as strengthen confidence between entrepreneurs on the one hand and the government and consumers on the other.

The bill changes approaches to the regulation of entrepreneurial activity and introduces responsibility for violating procedures and terms of entrepreneurship. The document formalizes new criteria for classifying small and medium-sized businesses and for confirming their status through the appropriate register. The bill establishes transitional provisions for the changing terms of entrepreneurial activity, including the procedure for launching a one-person company by an individual entrepreneur. The government is granted the right to determine the procedure for providing financial support to SMEs and SME promotion agencies, the procedure for the formation and maintenance of the SME register, a list of activities that can be carried out by individual entrepreneurs and independent professionals.

The bill will help transform the institution of small business, improve the business environment and create a level playing field for all small businesses regardless of their organizational and legal form, increase the participation of restructured small businesses in financing public expenditures, create clear conditions for businesses, and streamline business processes.

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