OREANDA-NEWS. August 31, 2007. In line with the 2008 draft budget, investment projects will get maximum support, Prime Minister of Belarus Sergei Sidorsky said during a session of the Council of Ministers, reported the Official website http://www.government.by.

The session focused on the president’s draft decrees “On approving most important parameters of the socio-economic development forecast of Belarus for 2008” and “On approving the monetary policy guidelines for 2008”, laws on the 2008 budget and on introducing amendments and addenda into several laws of the Republic of Belarus and on recognizing several legislative acts of Belarus as the documents ceasing to be in force.

The Prime Minister said that the innovation programme is very important for meeting the forecast of the socio-economic development of the country. In this connection the Government suggested that this programme should be considered as a separate appendix of the 2008 budget. The state will provide support to the companies implementing most important investment projects by compensating some interest rate on banking loans.

The tax load will be reduced next year. According to Sergei Sidorsky, one of the turnover taxes will be abolished and the VAT rate will be increased in 2008. These moves will help increase competitiveness of Belarusian products and exports of Belarusian products.

The Prime Minister has reminded that in line with the innovation programme for 2010, the country is expected to set up over 100 new companies and 380 productions. He underlined the importance of the programmes mapped out to modernize the largest Belarusian companies including oil refineries.