National News

Construction industry development funds to be created in Belarus

Funds will be set up in Belarus to develop the national civil engineering industry. Belarus President Aleksandr Lukashenko signed the relevant decree on 6 July, BelTA has learned.

The document provides for setting up a national construction industry development fund and regional ones from 1 September 2021 through 31 December 2025. The funds will be replenished by transferring 1% of the cost of services that contractors of all types of ownership perform to the funds.

The national fund will take deductions of the cost of services that Architecture and Construction Ministry contractors perform. The regional funds will take deductions of the cost of services performed by other construction enterprises depending on their place of registration.

Deductions will not be levied from the cost of services the state budget and other equal entities pay for to build residential buildings, engineering and transport infrastructure for housing areas, including single-family housing construction areas.

The construction industry development funds will be used to develop the physical infrastructure and assets of construction enterprises, to buy construction machines and vehicles, means of transportation, plant and equipment.

Written by: belta.by