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New price regulation of goods in Belarus

By October 26, 2022 No Comments
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On 19 October, by its Resolution No. 713, the government established a new list of goods produced, imported or sold in the Belarusian domestic market (for consumer goods) on which prices are regulated. The new regulation will primarily affect producers and importers of consumer goods, as well as wholesalers and retailers.

Producers, as a general rule, shall approve any increase in selling prices.

Importers shall set selling prices on the basis of the contract prices and list of costs established by Resolution No. 713 with the maximum mark-up (which varies depending on the goods) applied. A justification of the contract prices for imported goods will also be required.

Wholesale and retail traders shall set prices using maximum mark-ups of the values established by Resolution No. 713. Revaluation of goods is not allowed.

A new procedure for the planning, accounting and costing of goods is expected to be established soon, as well as a procedure for price approval by the relevant state authorities.

At the same time, increased  monitoring over compliance with pricing legislation is continuing. There is administrative and criminal liability for violations of the new regulation.

We kindly remind you that the basis for the new price regulation system was set out in the Decree of the President No. 10 dated 6 October 2022. At the same time, Resolution No. 713 cancels the Resolution of the Council of Ministers No. 669 dated 6 October 2022, which established a prohibition on raising prices or tariffs for any goods or services. Price regulation in some spheres (pharmaceuticals, construction) is still in force.