3:47 pm - Sunday August 20, 2017

Belarus ratifies double taxation deal with BD, plans warehouse

The House of Representatives of the National Assembly of Belarus ratified agreements on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income with Bangladesh and Laos on Friday.

The agreement with Bangladesh envisages lower tax rates on dividends (from 12 per cent to 10 per cent if the share of an investor in the capital is more than 10 per cent), on interests from 10 per cent to 7.5 per cent, on royalties from 15 per cent to 10 per cent.

The agreement with Laos establishes lower tax rates: on dividends (reduction from 12 per cent to 5 per cent if the share of an investor in the capital is more than 20 per cent, to 10 per cent in other cases), on interests from 10 per cent to 8 per cent, on royalties from 15 per cent to 10 per cent.

belarush-bdMeanwhile, Belarus has planned to construct a warehouse to store fertilizers in Bangladesh, Deputy Foreign Minister of Belarus Valentin Rybakov said at a session of the House of Representatives of the National Assembly of Belarus Friday, reports BelTA.

“Fertilizers are among Belarus’ major exports to Bangladesh. Agriculture is a dynamically developing economic sector in this country. Bangladesh reaps several harvests a year. A Belarusians delegation has recently visited Bangladesh to discuss the construction of a warehouse to store fertilizers. The matter was approved by Belarus’ top officials. We view this construction project as a guarantee that Bangladesh will keep buying more Belarusian fertilizers,” Valentin Rybakov said.

Bangladesh, just like many other countries of Southeast Asia, Africa, and Latin America, is a promising investment destination, which is proved by the agreements reached with this country, the Deputy Foreign Minister said.

For example, a joint venture to produce medicines will be set up in Belarus. Two big companies from Bangladesh undertook to provide financial and technological resources to implement the project.

A draft declaration of intent between the Belarusian company Santa Bremor and a Bangladeshi company was submitted for consideration in the summer. The two companies have plans to cooperate in the dairy industry. “Now the project is being studied by the ministries and agencies involved. We hope to get their reply soon,” Valentin Rybakov said.

Meat and Dairy Company from Belarus signed a protocol of intent with Bangladesh to increase mutually beneficial cooperation in the dairy industry, which creates preconditions to set up dairy companies in Bangladesh. “A company manufacturing a broad range of dairy products will be set up later,” the Deputy Foreign Minister said.


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