Belarus to institute national, regional construction industry development funds – decree
MINSK, Jul 8 - PrimePress. Belarus will establish republican and regional funds for construction industry development within the period from September 1, 2021 to December 31, 2025, as per presidential decree of July 6, 2021, the presidential press office reports.<br> <br> The funds will be generated from deductions in the amount of 1% of the value of works performed by contractors of all forms of ownership.<br> <br> The republican fund will be formed of deductions from the Ministry of Architecture and Construction, while regional funds will receive deductions from the cost of works of other construction companies at the place of their registration.<br> <br> Contributions will not be made from the cost of construction of residential buildings, engineering and transport infrastructure of residential development areas (including private house building), and facilities under construction at the expense of the budget and equated funds. The funds will be used in construction organizations for business development, procurement of building machinery and mechanisms, vehicles and processing equipment.<br> <br> According to the Ministry of Architecture and Construction of Belarus, 70% of construction machinery of republican and utility companies are 10-20 years old or over. By 2025, Br645.4 million ($254.69 million according to the exchange rate of the National Bank of Belarus) will be required for machinery renovation. Also, Br152.3 million ($ 60.1 million) will be spent on renovation of enterprises for large-panel housing construction, and Br32.3 million ($12.74 million) on renovation of enterprises for production of reinforced concrete products. End (Br2.534/$1) <br> <br>
2021-07-08
Primepress
Belarus to institute national, regional construction industry development funds – decree
The funds will be generated from deductions in the amount of 1% of the value of works performed by contractors of all forms of ownership.
The republican fund will be formed of deductions from the Ministry of Architecture and Construction, while regional funds will receive deductions from the cost of works of other construction companies at the place of their registration.
Contributions will not be made from the cost of construction of residential buildings, engineering and transport infrastructure of residential development areas (including private house building), and facilities under construction at the expense of the budget and equated funds. The funds will be used in construction organizations for business development, procurement of building machinery and mechanisms, vehicles and processing equipment.
According to the Ministry of Architecture and Construction of Belarus, 70% of construction machinery of republican and utility companies are 10-20 years old or over. By 2025, Br645.4 million ($254.69 million according to the exchange rate of the National Bank of Belarus) will be required for machinery renovation. Also, Br152.3 million ($ 60.1 million) will be spent on renovation of enterprises for large-panel housing construction, and Br32.3 million ($12.74 million) on renovation of enterprises for production of reinforced concrete products. End (Br2.534/$1)