Taxes on investments via foreign brokers: a guide for individuals

02.09.2025

• Step 1. Determine your tax residency status
• Step 2. Determine whether you received income from foreign sources
• Step 3. Gather documents for calculating the tax base
• Step 4. Complete and file the personal income tax return
• Step 5. Pay the tax upon the notice of the tax inspectorate
• Step 6. Be prepared for liability if deadlines are missed
• Personal investments are not entrepreneurial activity
• Recommendations
• Contact a lawyer for further information

Investing through foreign brokers is becoming increasingly popular among retail investors from Belarus. It provides access to international markets and expands the range of financial instruments. However, along with these opportunities comes an important question: how to correctly account for income from such investments for tax purposes. This material provides a detailed step-by-step guide explaining the procedure for taxation and payment of personal income tax when investing through foreign brokers.

Step 1. Determine your tax residency status

The status of a Belarusian tax resident plays a decisive role, as it imposes obligations to pay taxes in the country. As a general rule, individuals are deemed tax residents of Belarus if they are physically present in its territory for more than 183 days in a calendar year. If an individual holds Belarusian citizenship and is not recognised as a tax resident of any foreign state, they are automatically recognised as a tax resident of Belarus.

Note: Days of presence in the country are confirmed by passport border-crossing stamps, as well as other documents (a temporary residence permit, certificates regarding place of work, study, etc.).

For the purpose of counting days of presence in Belarus, the day of entry is not counted; the calculation starts from the day following the day of entry and includes the day of exit.

Step 2. Determine whether you received income from foreign sources

Income received by a Belarusian tax resident from foreign brokers is recognised as income from a foreign source and is subject to personal income tax in Belarus. Income is recognised as received and subject to taxation in the following cases:

• actual crediting of income to the investor’s bank account;
• crediting of income to the investor’s e-wallet;
• receipt of income in kind, for example by transfer of securities;
• receipt of income in cash (practically not encountered).

The list of income from foreign sources is open.

For example, such income includes:

• dividends and interest from foreign companies;
• income from the sale of foreign shares, bonds, and interests (participatory interests) in the authorised capital of foreign companies;
• income from transactions with options, futures, ETFs, CFDs.

Foreign brokers are not tax agents under Belarusian law; therefore, the responsibility for declaring and paying tax in Belarus lies with the income recipient.

Step 3. Gather documents for calculating the tax base

For the correct calculation of personal income tax, you must provide the tax authority with a full set of documents and information, including:

• the brokerage services agreement confirming the relationship with the broker;
• broker statements and reports reflecting the date of crediting of funds, credited amounts, transactions for purchase and sale of assets, commission expenses and the final result;
• bank payment documents (SWIFT confirmation or a bank statement on the transfer of funds to the brokerage account);
• documents confirming payment of taxes abroad (where applicable).

If documents are drawn up in a foreign language, they must be submitted with a translation into Russian or Belarusian certified by a notary or by the Belarusian Chamber of Commerce and Industry (BelCCI).

Tip: budget in advance for the cost of translation and notarisation of foreign documents.

Step 4. Complete and file the personal income tax return

The personal income tax base is calculated as follows:

Tax base = income from foreign investments – documentary-confirmed expenses

What counts as income?

• amounts credited to the investor’s account (including electronic money);
• income in kind (transferred shares, bonds, etc.).

What counts as expenses?

• funds (including electronic money) transferred to the broker (credited to the e-wallet);
• acquisition cost of securities (based on the agreement with the broker);
• commissions and fees (if supported by documentation).

Note: all amounts in foreign currency are converted into Belarusian roubles at the official exchange rate of the National Bank on the date of actual receipt of income.

Therefore, it is important to know the date of actual receipt of income:

1. income in monetary form (non-cash) — the day the income is credited to the individual’s bank account;
2. income in monetary form (cash) — the day the broker pays the income to the individual;
3. income in electronic money — the day electronic money is credited to the individual’s e-wallet;
4. income in kind (securities) — the day the income in kind is transferred;
5. if it is impossible to determine the date of receipt of income — the last working day of the tax period (calendar year).

Example of tax calculation:

1. in February 2024, you transferred €3,000 to the broker, and in March — another €5,000;
2. in May 2024, you withdrew €12,000 to your bank account;
3. the euro exchange rate on the date of receipt of income — 3.5;
4. tax base: (12,000 − 8,000) × 3.5 = 14,000 BYN;
5. personal income tax: 14,000 × 13% = 1,820 BYN.

You must file the tax return no later than 31 March of the year following the reporting year, using the form approved by the Ministry for Taxes and Duties (Minsk): see the return form for 2025 in Appendix 1 to the Resolution of the Ministry for Taxes and Duties dated 30.04.2025 No. 20. If the filing deadline falls on a non-working day, the return may be filed on the next working day.

When receiving income from a foreign broker, you must complete item 3 “Income received abroad and/or from abroad” of Section II “INFORMATION ON INCOME RECEIVED” of the tax return. In this item, specify:

• the country where the income was received;
• the source of income (full name and registered address of the organisation, etc.);
• date of receipt of income;
• amount of income (in the currency of receipt, indicating the name of the currency);
• the amount of tax paid in the foreign state.

If tax was not paid abroad, enter “0” in the relevant field. If tax was paid, you must attach a document confirming the fact and amount of tax paid (see details in Step 5).

Expenses are not reflected in the return; however, the documents evidencing them must also be attached. Provided they are duly evidenced, the tax authority will take the expenses into account when calculating tax. If documents are missing or improperly prepared, the expenses will not be recognised.

Where supporting documents are provided, information about them is indicated in Section III “OTHER INFORMATION” of the return.

You may file the return:

1. on paper, in person by visiting any inspectorate of the Ministry for Taxes and Duties;
2. electronically via the taxpayer’s personal account;
3. by post (the filing date is the date of dispatch);
4. through an authorised representative under a power of attorney, or through a tax consultant.

Step 5. Pay the tax upon the notice of the tax inspectorate

The tax must be paid no later than 1 June of the year following the reporting year. If 1 June falls on a non-working day, the deadline is the next working day.

If you received income and paid tax on it in a foreign state, that amount may be credited (set off) when calculating personal income tax in Belarus. To claim a credit, you need to provide supporting documents:

• documents on the income and on payment of tax in the foreign state, certified by the tax authority of that foreign state,
• or a copy of the tax return and a copy of the payment document evidencing the payment of tax on the income to the budget of the foreign state.

Important: the credit does not apply to income from offshore jurisdictions.

Step 6. Be prepared for liability if deadlines are missed

A fine is imposed for late filing of the tax return. Where there is an amount of tax payable and the delay exceeds 30 working days, or where there is no amount of tax payable and the delay exceeds 12 months, a fine of 0.5 base value (BV) (21 BYN) is imposed, increased by 0.5 BV (21 BYN) for each full month of delay, but not more than 10 BV (420 BYN).

A fine is also imposed for late payment of tax:

• if the tax is unpaid through negligence and the amount exceeds 1 BV (42 BYN), the fine is 15% of the unpaid tax, but not less than 0.5 BV (21 BYN);
• if the tax is unpaid intentionally, the fine is 40% of the unpaid tax, but not less than 10 BV (420 BYN);
• in the case of a repeated violation, the fine is from 100 BV (4,200 BYN) to 200 BV (8,400 BYN).

If any mitigating circumstances are present (for example, the tax was paid voluntarily) and there are no aggravating circumstances, the fine is reduced by half.

In addition to the fine, penalty interest accrues for each calendar day of delay in payment of personal income tax.

Note: where the unpaid tax amounts to from 2,000 BV (84,000 BYN), the individual may be held criminally liable under Article 243 of the Criminal Code (“Tax evasion”).

Personal investments are not entrepreneurial activity

Activities aimed at receiving passive income in the form of dividends, interest, appreciation of assets, as well as other forms of investing for personal purposes, do not require registration as an individual entrepreneur (IE).

In the case of regular re-sales of securities or intermediary transactions in the interests of third parties for the purpose of generating income, such activity may be qualified as entrepreneurial activity.

Note: Carrying out activity without registration as an IE entails a fine of up to 100 BV, with confiscation of up to 100% of the income obtained from such activity, or without confiscation. Personal income tax at the rate of 26% is payable on the non-confiscated income.

Recommendations

If you plan to invest through foreign brokers, it is important to follow these recommendations:

• keep track of the number of days of actual presence in Belarus and retain supporting documents (passport border-crossing stamps, airline tickets);
• retain all documents confirming income and expenses;
• retain documents confirming payment of tax abroad;
• file your tax return no later than 31 March of the year following the reporting year, and pay the tax no later than 1 June of the year following the reporting year, taking into account possible deadline shifts where the date falls on a non-working day;
• plan in advance for the cost of translation and notarisation of foreign documents;
• plan your expenditures in advance, taking into account the amounts of personal income tax payable for the year.

If you have any questions, don’t hesitate to reach out!

Authors: Katsiaryna Sushko, Anastasia Sazonova, Ihar Razduyeu.