On 19 May the President of the Republic of Belarus signed Decree No 280 “On Including Voluntary Non-Life Insurance Premiums into Expenditure on Production and Selling of Products, Goods (Services)”.

This document entitles the underwriters signing voluntary insurance contracts to include their insurance premiums into expenditures on production and selling of goods and services, which has its effect on the underwriter’s taxation pattern.

The types of voluntary insurance concerned include voluntary insurance against accidents and diseases when travelling abroad, voluntary motor vehicle liability insurance, auto-owner’s voluntary insurance before the customs authorities, voluntary freight insurance, and voluntary insurance of the property used in manufacturing, including land transport, air- and sea-craft.

This document is intended to boost the development of voluntary insurance and, consequently, encourage of the inflow of financial resources in the Belarusian economy.

The Decree becomes effective from the day of its official publishing.

Please see the Russian version of this site for the full text of the Decree