Commentary to Decree No. 99 of 25 February 2014

    With a view to raising the economic efficiency of leasing instruments, reducing leasing risks and ensuring transparent operation of leasing companies President of the Republic of Belarus Aleksandr Lukashenko signed Decree No. 99 “Concerning of the regulation of leasing operations” on 25 February.

    The document provides for the order and terms of leasing operations, including the signing of leasing and subleasing agreements, measures to exercise control and audit of leasing activities.

    Therefore, leasing operations can be conducted by leasing companies included in the register of leasing organizations by the National Bank. Other judicial persons and self-employed businessmen can provide leasing services without the inclusion in the register if they conclude as many as three leasing agreements to the tune of less then 10,000 basic rates during one calendar year. Apart from that, leasing services can be provided by judicial persons determined by the President, foreign organizations which conduct leasing operations via a permanent office in Belarus.

    Banks, non-bank credit and financial organizations carry out leasing operations in line with the Bank Code and other legal framework without being included in the register.

    In accordance with the Decree, the National Bank can supervise leasing activities in Belarus and regulate the operation of leasing companies.

    Apart from that, the Decree specifies that companies can lease assets to physical bodies.