Presidential Edict No. 356, dated 30 June 2009, introduced amendments to the taxation of foreign companies deriving interest income from Belarus. In particular, foreign companies are exempt from a withholding tax on interest income from (i) syndicated loans provided to Belarusian companies, and (ii) loans, the funds for which have been raised through Eurobonds placements for the purpose of providing loans to Belarusian entities. Any related compensation paid to foreign intermediary companies is also exempt. In addition, any fees paid by Belarusian companies for various services (e.g. audit, legal, and brokerage services) related to issuance and redemption of securities by...