Belarus Introduces New Business-Friendly Auditing Procedures

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The Belarusian authorities are switching from control to prevention. President Alexander Lukashenko signed a decree in October minimising the interference of oversight and auditing agencies in business operations.

“This decree will allow for a more rational system of state control, increase the transparency of the controlling supervisory bodies and exclude any unjustified, excessive verification of businesses,” Maria Karas, legal adviser at the Association of European Business, tells Emerging Europe. “In general, thanks to optimisation, the authority to carry out inspections will be lost by one-third of current supervisors, and the number of spheres of control will almost halve. The document was adopted to minimise the interference of controllers in the economic activities of business, which will have a positive long-term impact on the image of Belarus as a place for investment.”

What the decree means for business is that instead of audits, more technical and verification measures will be taken. Scheduled audits will be replaced with random checks, which allow for the auditing of a company only if valid reasons are available, such as repeated violations or as a result of an objective analysis. If faults are found, penalties will not be applied if the subject at fault fixes the shortcomings. Audits will now have to be arranged in advance.

Auditors will not be able to suspend the operation of companies being audited, its departments, plants and equipment, or manufacturing facilities. The head of the company will be the only person able to decide on suspending business operations on the basis of recommendations from the auditors. The head of the company will bear full responsibility, including criminal responsibility, for addressing any shortcomings the audits reveal. Auditors will also face administrative responsibility for blatant violations in the course of audits.

The presidential administration wants to create an interagency council to analyse the current state of auditing and oversight practices in Belarus. If negative trends are detected, the council will be authorised to tell the agencies at fault to fix their shortcomings. If the recommendations fall on deaf ears, reports will be forwarded to the Council of Ministers and the head of state.

“Presidential Decree No 376 is an essential part of the government’s package of measures intended to liberalise entrepreneurial activity in Belarus,” says Dr Wladimir Augustinski, head of the German AHK Representative Office in Belarus. “We see this measure as a necessary step which should encourage more people to become active in the economy and boost the attractiveness of investment in the country. It will create the conditions for improving the competitiveness of Belarus in the context of inter-country competition to attract FDI and further stabilize the national economy in general.”

According to the UNCTAD World Investment Report 2017, in 2016, foreign companies invested 1.2 billion US dollars in Belarus, 26 per cent less than in 2015. At the same time, FDI stock amounted 19 billion US dollars.

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Pier bridge crane and cargo handling cargo trains transported away.

Macedonia — Stepping Out Of the Shadow Of the Balkans

Bulgaria Keen on Euro Adoption

FRANKFURT GERMANY - MAY 16 2014: Euro Sign. European Central Bank (ECB) is the central bank for the euro and administers the monetary policy of the Eurozone in Frankfurt Germany.

Veni, Vidi, Vici, Or My Personal Experience of Doing Business in Belarus

Poland’s Flying Circus

airport poland

Office Space Vacancy is Currently Low but Building Standards Cause Concern

Minsk Belarus - March 23 2017 modern architecture business center Pokrovsky on Pobediteley Avenue editorial

German Multivac invests €15 million near Sofia

Business Opportunities in Belarus Encourage Outside Interest

Foreigners choose Minsk and Gomel as Belarus’ most attractive FDI destinations

Croatian Salaries Are Growing in Line With Other CEE Countries

Dubrovnik Croatia emerging europe

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

Estonia Leading CEE Country in WEF Competitiveness Index

pharmaceutical factory woman worker operating production line at pharmacy industry manufacture factory

EU Membership and Transition into Market Economies Have Helped CEE Achieve Social Progress

How Did We Get Here?

Amazing Panorama to City of Plovdiv from nebet tepe hill, Bulgaria

Georgia’s Great Potential

The highland agriculture lands in Gudauri with the herd of sheep grazing here Georgia.

Breaking trade barriers with CIS has never been easier

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Tech Giant Expands Romanian Operations

Czechs Hold Emerging Europe’s Most Powerful Passport

World Bank: Brexit Hides Greater Challenges to the European Union and the CEE Region

Economic Confidence Rises Across Eurozone

IMF Believes State-Owned Enterprises Must Be Reformed

Image of the banknotes of new Belarusian banknotes five rubles put into circulation July 1 2016

The EU’s Benign Neglect Of Eastern Europe

Measure, Strengthen, and Grow

dacia brand

Why Is Belarus Tech Booming?

CEE Emigrants Could Boost Their Countries’ Economies

Londoners walking through Millennium Bridge with St.Paul's Cathedral at the background after sunset - London, UK

Belarus and Singapore Share the Same Factors for Economic Success

Belarus Steps Up Liberalisation of Business

belarus

Investors Eye Opportunities in Emerging European Infrastructure

infrastructure

Ukraine’s Economic Recovery: Good, But Slow

ukraine money

Poland Is Set To Become a Large Economic Zone

Aerial view over the building materials processing factory. View from above.

EU: Consumption Still Driving Growth

China-Georgia FTA Takes Effect

TBILISI GEORGIA - SEPTEMBER 28: Top view of Tbilisi downtown Georgia on September 28 2016. Tbilisi is a capital and largest city of Georgia.

Sunday Trading in Poland Under Renewed Threat

Non-Financial Reporting No Longer a Secondary Consideration in CEE

Poland & Ukraine Should Join Outsourcing Forces

outsourcing

Young Georgians Make Their Mark at Emerging Europe-EBRD Event

maximilien lambertson at emergeing ebrd outlook on georgia

The Shopping Experience Is Set To Go Global in Belarus from 2017 Onwards

Growth Increase Offers Glimmer of Hope for Moldova

chisinau

Poland’s Business Constitution Must Be Finalised

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

P&O Maritime Enters Ukrainian Market

Logistics and transportation of International Container Cargo ship and cargo plane in the ocean at twilight sky Freight Transportation Shipping

Doing Business Across Eurasia Could Be Easier

Eurasia emerging europe schneider group

‘Traditional Values’: A Potent Weapon Against LGBT Rights

gay rights putin

Czech Land Prices Continue to Increase

farm land

GE Inaugurates Its New Bucharest Software Centre

Asian Outsource Developer Team Sitting At Desk Working Laptop Computer Mobile Application Software Real Office

Czech PM Loses Confidence Vote

andrej Babiš

Putin Urges Belarus to End Oil Transit Through Lithuania

Athens Greece - May 27 2016: Russian President Vladimir Putin delivers

Using Words to Paint a Picture – Belarus’ Nobel Prize Winning Novelist

Do Your Homework First and Starting Business in Poland is Easier

Banca Transilvania Concludes Moldovan Deal

banca transilvania

The End of Poland’s Shale Gas Eldorado

Georgia to Develop Rural Fibre-Optic Network

Young man working on his laptop connect to wireless internet in rural area. Internet connection allows people to work anywhere from laptop. Notebook and nature background. Wireless technology concept.

SEE Link — Sharing SEE Europe’s Hopes for a Brighter Investment Future

World Bank: Western Balkans Need to Speed Up Growth For Faster Convergence

world bank

Bloomberg Croatia Business Day 2015

Budapest’s Property Boom Goes Nationwide

building

Efficient Innovation: Entrepreneurship in Bulgaria

Beautiful photos of modern buildings under blue sky. Europe, Bulgaria, Sofia.

Polish Government in Climbdown on Social Contribution Hike

Visegrad Group Looks East

Next Christmas in Belgrade? The EU’s Move into the Western Balkans

Belgrade, Serbia, July 22, 2017.Belgrade cityscape at sunset with national assembly, aerial view

Does the Sceptre of Separatism Haunt Emerging Europe?

Szekely Land Flag

Bulgaria: Real Estate’s New Frontier?

Albania’s Construction Sector Supports the Country’s Growth

SARANDA, ALBANIA - MAY 18: View of the city Saranda, most important tourist attraction of the Albanian Riviera on May 18, 2017 in Saranda, Albania.

Beyond Borders: Immigration Within the EU

refugees immigrants

EBRD Finances Small Business Support And Foreign Trade Promotion In Belarus

Albania’s Economy Booms Despite Political Infighting

Panorama view to the city Tirana Albania

GSA Names Ukraine as UK’s Offshoring Destination of the Year

map of ukraine emerging europe

Lithuania Gives Innovation a StartUp

MILAN ITALY - MAY 2: People visit Lithuania pavilion at Expo universal exposition on the theme of food on MAY 2 2015 in Milan.

OECD: Tightening Labour Markets Sustain Growth in Emerging Europe

workers, employment

The Great Stone Industrial Park — Making Doing Business Easy in Minsk

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

The UK and Belarus: A Partnership to Introduce the Real Belarus to Europe

Slovenia: An Optimistic, Export-Led Economy with First-World Problems

Big cranes in port of Koper in Slovenia

Georgia Leads Emerging Europe in Ease of Doing Business Report

Belarus Has To Make an Extra Effort To Change Investors’ Perceptions

Romanian Transport Infrastructure Failures Pile Up

Cernavoda Romania - June 20 2012: Construction works at the A2 highway connecting Romania's capital Bucharest to Constanta.

Belarusian Tech Companies Lead a Global Technological Advance in Outsourcing and Product Development

Why Was Zapad-2017 So Important?

russian tank belarus zapad

Košice Business Matchmaking Event Brings in Hungarians

kosice, slovakia

Slovenia is the CEE region’s leader in VAT collection

The Belarusian Economy: The Challenges of Stalled Reforms

Slowly, Tech Brand Belarus Emerges

belarus tech

The Polish Government’s Mid-Term Report: Must Do Better

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

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