Changes in the field of investment relations

Amendments to the Law of the Republic of Belarus "On Investments" will come into force on July 12, 2022. The amendments are aimed at increasing investment activity, provide additional guarantees for protecting the rights of investors in the implementation of investment projects under investment agreements concluded with the Republic of Belarus.

1. Investors are guaranteed protection from adverse changes in tax legislation.
   This provision is aimed at providing economic support to investors by maintaining the best legal regime in the field of taxation. The guarantee will be implemented by adopting a separate regulatory act.
2. Compensation in case of nationalization or requisition must be full and timely.
   The amendments define the rules under which compensation for the value of nationalized or requisitioned property, which is an investment or formed as a result of investment, is recognized as full and timely.
3. The period for submitting individual claims to investors by state bodies is limited.
   Claims from state bodies to investors arising in connection with the implementation of investments cannot be submitted after 3 years from the date of occurrence of the circumstances with which the relevant claims are related and (or) from which the relevant requirements arise.
   The limitation of the term for submitting claims to investors does not apply to claims arising from tax, customs, labor and related relations, as well as claims related to illegal actions of investors, including in the event of criminal or administrative liability.