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Organizations and individual entrepreneurs are permitted not to depreciate fixed assets

Legislation
17:42 | 01.02.2017 | Business-News

The Government permitted organizations and individual entrepreneurs not to depreciate fixed assets this year. It follows from Resolution No. 84 of the Council of Ministers of the Republic of Belarus dated January 30, 2017.

 

Organizations and individual entrepreneurs, except for banks, Development Bank of the Republic of Belarus JSC and non-bank financial institutions, have a right to decide not to depreciate all or some items of fixed assets used by them in the entrepreneurial business, except for fixed assets used in the course of rendering of housing and public utility and transport services to population and subsidized at the expense of budgetary funds from January 1 to December 31, 2017.

 

At that, guideline life and useful life of these fixed assets will be extended for a term equal to the period, over which depreciation was not performed.

 

Organizations, the property of which is state-owned and the shares in the authorized funds of which are belong to the Republic of Belarus and administrative and territorial entities, must coordinate this decision with the state administration bodies and other state organizations subordinated to the Government, other state bodies and state organizations, including the local executive and regulatory bodies.

 

The Resolution specifies when and how the state bodies will coordinate the decisions made by the organizations. In particular, this coordination will be carried out in written form within five days when the organizations deliver the economic evaluation of necessity of non-depreciation signed by their managers. In the event of a refusal to approve, the explanation of economic inexpediency to make a decision not to depreciate will be sent to the organizations.

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