CUSTOMS UNION OF BELARUS, KAZAKHSTAN AND RUSSIA

On 1 July 2010 the Customs Union of Belarus, Kazakhstan and Russia became fully operational with the removal of internal customs borders (the Customs Union). The Belarusian businesses have as a result obtained free access to the Russian and Kazakh markets as well as considerable possibilities for sales expansion, for example, if a business partner is a resident of the Customs Union member state, then neither the import nor export duties have to be paid.

The development of the Custom Union resembles the development of the EU, with the medium prospect of the Russian rouble as a single currency. Next year a number of agreements are expected to be implemented. Also, substantial legislation unification is predicted by the member state leaders.

LEGAL ALERT - IMPORTING AND ADVANCE PAYMENTS

Importers are only allowed to make any advance payments for the imported goods (works, services) after obtaining the relevant permit from the National Bank. An exception to this rule is made for the advance payments made between businesses which operate within the Customs Union.

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