Updated at 11:30,08-12-2016

All economic entities ordered to contribute to innovation funds

Alyaksandr Lukashenka has issued a presidential edict ordering all economic entities to contribute to "innovation funds" to be set up by ministries, the regional executive committees and the Minsk City Executive Committees.

Under the edict, 10 percent of the amount that each economic entity pays in profit tax should go to innovation funds, according to the presidential press office.
The profit tax rate and the tax burden have not been increased, the press office stressed.

Under the edict, the innovation funds will be set up at the level of national-level government agencies, the regional executive committees and the Minsk City Executive Committee, whose heads will be entitled to manage the resources of the funds, the press office said.

The funds’ resources may only be used for innovation purposes and distributed on a competitive basis, the press office noted, adding that all economic entities irrespective of the form of ownership would have the right to apply for resources from such funds.