Belarus has introduced new tax incentives for 2017 as part of its National Social and Economic Development Program, which was approved by President Alexander Lukashenko on 15 December 2016. The incentives include: A two-year corporate tax exemption from the first year profits are declared; A two-year property tax exemption from the date taxable immovable property is acquired; and A value added tax and customs duties exemption for SMEs on imports of technology equipment. The two-year tax exemptions are not available for companies located in Minsk and five regional centers, or for companies created as the result of certain reorganizations.