Extension of tax incentives for token transactions

On March 28, 2023, Ediсt No. 80 of the President of the Republic of Belarus "On Certain Issues of Taxation" was issued.

The document stipulates, inter alia:

  1. The extension until 01.01.2025 of the cryptosphere tax preferences provided for by Decree No. 8 "On the development of the digital economy".
  2. elaboration of a concept of further development of the digital sign sphere in Belarus until 01.01.2024.

We remind that Decree No. 8 stipulates the tax preferences for income from token and cryptocurrency-related activities:

  • income of HTP residents from token transactions (including mining, creation, acquisition, disposal of tokens) is exempt from VAT and income tax;
  • income of individuals from operations with tokens (including mining, acquisition, disposal of tokens) is exempt from personal income tax
  • turnovers from token alienation (including alienation by foreign organisations) are not subject to VAT;
  • Non-resident legal entities are exempt from income tax when tokens are alienated through exchange. In case of other transactions with tokens (alienation for cash, electronic money, etc.) income tax is payable;
  • Legal entities that apply the simplified taxation system are exempt from tax when tokens are alienated through exchange.

Initially, the period of validity of the above preferences was established till 01.01.2023. As no other regulations similar in content were adopted as of this moment, general provisions of the Tax Code were applied to token transactions as of 01.01.2023. We assume that the Ediсt will apply to the relations arising from 01.01.2023.

At the moment, the text of the Ediсt has not been published, so no other details are available. We will keep you informed.


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