The China-Belarus Industrial park «Great Stone» gained the status of territorial special economic zone

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  • The China-Belarus Industrial park «Great Stone» gained the status of territorial special economic zone

The China-Belarus Industrial park «Great Stone» gained the status of territorial special economic zone according to President’s decree of December 22, 2018 №490 “Concerning customs regulations”. The information is posted on Ministry of economy of the Republic of Belarus website. The law has come into force on January 8, 2019.

This status has provided the residents of the park with the maximum amount of customs preferences and simplifications of procedures in logistics as well as manufacturing process.

Among new customs simplifications are:

— А possibility to use a special privileged regime not only by residents of industrial park but also by its management entities (Joint Stock company, park’s administration)

— A possibility to file customs declaration with up to 2 month delay from the moment of goods importation to special economic zone. This will allow to start using these goods in manufacturing in a shorter time;

— А possibility to failure preliminary information about the goods moved across the customs border of EEU for territorial special economic zone import.

— А possibility to consume imported good at public catering facilities located in industrial park without customs declaring procedures and customs payments (so-called “private consumption”). This will allow to reduce customs clearance costs for park residents.

Above simplification procedures, residents get an opportunity to create clusters. Several residents can operate on one equipped customs controlled zone without creating the other ones. This is new for Belarusian free (special) economic zones.

Besides, the industrial park residents can use the extraterritoriality principle and organize processing chains as well as develop cooperation not only within the special economic zone but also outside it. For this EEU customs code provides an opportunity of goods export involved in customs procedures in free customs zone, from special economic zone territory to the territory of EEU for their own production and technological needs as well as for goods processing operations without discharge of the customs procedure.

As it was mentioned by the Ministry of economy, the China-Belarus Industrial park «Great Stone» became the first of two potential Belarusian territorial special economic zones. This strengthened its privileged regime position as the most attractive in comparison with the other business regimes in Belarus and EEU.