Representatives of Belarus and Italy have signed Convention on avoidance
of double taxation
The signing of Convention on avoidance of double taxation will contribute to activities of Italian businessmen in Belarus. Guillelmo Ardizzone, Ambassador extraordinary and plenipotentiary of Italy to Belarus, expressed this opinion to journalists.
"It is important for any entrepreneur regardless of where he works, to know specific and clear perspective for his business, including taxation circumstances. It is legislation improvement that allows them to be certain about their future,′ said Ambassador.
The new agreement will allow to optimize taxation scheme for Italian and Belarusian businesses applied for commercial operations and eliminate additional taxation barriers in our bilateral relations, which will improve attraction of Belarusian market for Italian companies.
Guillelmo Ardizzone specified that Belarus and Italy are developing cooperation in the realm of investments and establishment of joint-stock and foreign enterprises. According to MFA, 82 Italian-shared enterprises, including 43 joint stock and 39 foreign ventures are registered as of beginning of this year. De facto Italian investors have contributed $12.4m to authorized funds of joint stock and foreign enterprises. These companies perform in such industries as textiles, furniture, transportation, construction, catering and accommodation, retail and wholesale business.
Besides, Italy is among most prominent economic partners of Belarus in Europe. In first six months of 2005 commodity turnover between our countries was $241.3m, which is by 18.6% higher as compared to same period of previous year. Belarusian export to Italy has reached $75.7m, import turnover is $165.5m. Largest portion of Belarusian export falls on products of light and chemical industry, metal products, lighting equipment and sawn timber. Belarus imports from Italy machine tools and equipment, furniture, metals, light industry products and foodstuffs.