On Certain Issues Regarding Revaluation of Fixed Assets, Unfinished Construction Projects and Uninstalled Equipment

The President of the Republic of Belarus has signed into action Decree No 116 ‘On Certain Questions Relating to Revaluation of Fixed Assets, Unfinished Construction Projects and Uninstalled Equipment’.

Under the Decree, organisations are entitled not to revalue their fixed assets, uncompleted construction projects and uninstalled equipment in 2009.

The organisations that revalue their fixed assets, unfinished construction projects and uninstalled equipment are entitled to adjust their accounting and tax-related data by excluding the results of this revaluation and submit to the taxation authorities the adjusted tax declarations (calculations) and, if necessary, make additional payment for taxes, duties and other mandatory payments to the budget.

The right given to organisations not to revalue their fixed assets in 2009 will help curb prices, improve the organisations’ financial standing and make home-made products more competitive.

Moreover, giving organisations the right of choice with relation to revaluation of fixed assets will help them be more flexible in managing their activities given today’s economic conditions. Giving due consideration to their financial health, competitiveness of their products in terms of prices, the organisations will be able to take optimal decisions on whether to hold revaluation of their fixed assets, unfinished construction projects and uninstalled equipment on not.

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