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Belarus facilitates international leasing development

15.01.2019

MINSK, 15 January (BelTA) – The development of international leasing has been regulated by Decree No. 16 “On development of international leasing” which was signed by Belarus President Alexander Lukashenko, BelTA learned from the presidential press service.

In accordance with the decree, just like with the procedure envisaged in Decree No. 178 of 27 March 2008 for foreign trade operations, the term during which a lessor has to ensure the receipt of leasing payments as part of an agreement, the return of a leasing item in case an international leasing agreement is terminated or cancelled has been increased from 90 days to 180 days.

The existing principle of terminating and resuming the terms of the fulfillment of obligations involving the receipt of leasing payments and the return of a leasing item has been substituted by the principle when these terms are canceled and recalculated from the start. A list of conditions for the application of this procedure has been determined as well.

In view of the huge territorial distance between Belarus and lessees and the complexity of international laws, Belarusian lessors will be entitled to take measures to ensure the receipt of leasing payments, look for new lessees and return leasing items.

Consequently, Decree No. 465 of 24 September “On certain aspects of leasing activities in the Republic of Belarus” shall be deemed to have lost force.