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03 april 2023

Tax incentives for operations with tokens/cryptocurrencies are extended

On March 28, 2023, the President of the Republic of Belarus signed Decree No. 80 "On Certain Issues of Taxation", according to which the tax benefits for transactions related to tokens (cryptocurrencies) are extended until January 1, 2025. The Decree applies retrospectively, since January 1, 2023.

Tokens including cryptocurrency were legalized for the first time in Belarus by Decree No. 8 of December 21, 2017 “On the Development of the Digital Economy”, which allowed individuals to buy, store, exchange and sell tokens on any platforms, and legal entities - to make these operations involving residents of the High Technology Park.

Until January 1, 2025, the following are not recognized as an object of taxation:

  • by personal income tax - income of individuals from mining activities, acquisition (including by way of donation), alienation of tokens for Belarusian rubles, foreign currency, electronic money and (or) by exchange for other tokens.
  • by value added tax - turnover on the alienation of tokens, including by foreign organizations that do not operate in the Republic of Belarus through a permanent establishment and are not registered with the tax authorities of the Republic of Belarus;
  • by corporate income tax - profit from the alienation of tokens by exchanging them for other tokens.