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1. Insert a, the, or zero articles.

FREE ECONOMIC ZONES

___ Free Economic Zone is ___ part of ___territory of ___ country with ___

exactly defined borders and ___ special legal regime that provides more favorable conditions for ___ business. Basically, ___ objective of these zones is to attract and ensure ___ effective use of foreign and national investments, for ___ creation and development of goods for export, and will be based on ___ latest technologies, as

well as effectively using ___ available production space.

There are 6 free economic zones in the Republic of Belarus. ___ appeal, for ___ potential investor, of ___ special legal regime like FEZ, is preferential taxation. ___residents of the FEZ pay certain taxes at reduced rates: profit tax – 12%, transport duty – 1.5%, VAT – 9%. Excise duties are applied by ___ residents of FEZ at ___ halved rate.

Profit received by ___ residents of FEZ from ___ realization of goods (works, services) of own production is exempt from ___ profit tax for ___ period of 7 years as from receiving such profit. Besides, ___ residents of FEZ do not pay ___ turnover tax at ___ rate of 2%.

2. Open the brackets minding tense forms of the verbs.

In May 2007 Russian Gas Giant "Gazprom" (sign) an agreement with the Belarusian government on acquisition of a 50% stake in the national gas pipeline monopoly "Beltransgaz" for US $ 2.5 billion. The deal (become) the largest investment offer in the history of independent Belarus.

Payment (be) in four annual tranches in 2007-2010. Gazprom thus (acquire) 12.5% in Beltransgaz every year.

The shares of Beltransgaz to be sold to Gazprom may not be disposed of or otherwise encumbered before the transaction (complete).

Within 50 days of acquisition of the first 12.5% stake in Beltransgaz by Gazprom, Beltransgaz (call) an extraordinary general meeting to elect new members of the supervisory board, according to the contract.

On December 31 2006, Gazprom and the Belarusian government also (sign) an annex to the protocol on a joint gas transport venture, supplies, and transit of natural gas through Belarus.

The document (envisage) a gradual increase in the wholesale markup on natural gas that Beltransgaz (sell) to domestic consumers in 2008-2010 and a commitment on the Belarusian side not to introduce the golden share rule in Beltransgaz.

On December 31 2006, Belarus and Russia (sign) a protocol to establish a joint gas transport venture on the basis of Beltransgaz by June 12007 and regulate natural gas supplies and transit.

3. Fill in the gaps with the given prepositions.

About, for, over, of (2), on (2), with, by, within, in (2), from (2), to.

IT SECTOR

The Belarusian IT sector is competitive ___ the global market, ___ some 500 active IT companies. ___ 200 of these fall ___ the IT outsourcing industry. Their overall number ___ permanent employees varies around 7,000-10,000 individuals. ___ 2007, exports of software developed ___ Belarusian IT companies totaled some US$ 250 million.

The roots of Belarus IT strength derive mainly ___ its mature technical infrastructure, which started to develop during the Soviet era, when Belarus used to manufacture___ 50 % of the computers and computer components in the former USSR. Geographical and cultural proximity ___ the EU is also important.

Among the key advantages of Belarus is the excellent education system inherited ___ Soviet times, when a strong focus was consistently made ___ natural sciences and applied research. Many programmers___ Belarus participated in scientific R&D projects ___ the military, energy, and other industries of the former Soviet Union. Belarus is among the few countries in the world whose specialists have been involved in construction ___ space stations, global communication systems, and nuclear development projects.

4. Insert appropriate modal verbs.

May (2), should (2), must (2), cannot, can.

1. The Belarusian construction materials sector ___ benefit from the construction boom.

2. The two companies ___ be transformed into a single corporate entity because they operate in the same processing chain.

3. This means local authorities ___ have had all the documents approved and are now ready to draw up the lists of the companies.

4. Under the Investment Code, compensation of the value of nationalized or requisitioned property ___ be equal to the market value of the property determined under the procedure established by the President.

5. The rate of profit tax comprises 50% of the commonly applicable rate (currently 24%) and in any event ___ exceed 12%.

6. If deciding to run a business in Belarus via a representative office, one ___ take into account that any activity is always conducted by the office on behalf of the foreign company.

7. A foreign citizen ___ be appointed a Director/ member of the Board of Directors in any LLC.

8. National taxes and duties are established by law and ___ be paid through Belarus.

5. Open the brackets and use the verbs in proper passive form.

1. Within the past few years, several large-scale projects (announce) in Belarus. However, no modern logistics complexes (build).

2. Aggregate investments in the project (plan) at US$ 140 million.

3. In 2007, the largest transaction (complete) in the Belarusian Telecommunications sector.

4. 70% of GDP still (produce) by state-controlled enterprises.

5. International appraisers, especially the Dutch ABL AMRO, (engage) to evaluate NAFTA and Polymer soon.

6. In early 2008 the first list of objects offered for concession (approve) by the Belarusian Government.

7. A CJSC (not allow) to offer its stock for public subscription.

8. The rate of profit tax comprises 5%, unless more favourable conditions (set) by international agreements.

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