Several Tax Changes To Be Introduced In Belarus That Will Affect Almost Everyone
7- 14.09.2024, 8:26
- 23,814
Here are the details.
In 2025, officials intend to introduce several tax innovations. One of them will definitely come into effect next year — the tax break for cryptocurrency transactions will end. Zerkalo tells what other tax changes are going to be introduced in 2025.
Cryptocurrency Innovation
The tax break for cryptocurrency transactions will end on January 1, 2025.
As Andrei Kavaleuski, Head of the Main Department for Taxation of Individuals of the Ministry of Taxes and Duties, noted earlier, Decree #8 is currently in effect, according to which individuals' income from cryptocurrency transactions is not subject to income tax until January 1, 2025, and activities related to cryptocurrency turnover are not considered entrepreneurial.
— But the decree establishes a norm that prohibits the activities of individuals to assist in cryptocurrency transactions. As soon as assistance to other persons is revealed, this threatens significant sanctions, — Andrei Kavaleuski noted. — Materials of an administrative offense are drawn up, which are sent to court. And the court can decide to confiscate 100% of the income received from unregistered entrepreneurial activity. And taxes will be charged on the non-confiscated amount of income. Moreover, at an increased rate — 26% against the required 13%.
Indexation of taxes and benefits
The Ministry of Finance previously reported that they intend to index some taxes, deductions and benefits in 2025. Thus, it is planned to adjust tax rates, which are set in rubles. As expected, the increase will be tied to inflation. Officials predict that in 2025 prices will rise by no more than 5% per annum.
For example, property tax rates are set in rubles — for land, real estate, and transport.
As the Ministry of Finance stated, the benefits and deductions on income tax will be revised in a similar manner. But these proposals have not yet been approved.
Cancellation of another tax benefit
The Ministry of Finance also proposes to cancel the income tax benefit on income that individuals receive from the sale of shares in the authorized capital of Belarusian organizations and their stocks.
Currently, this income is exempt from income tax. At the same time, there is a condition for shares purchased from January 1, 2014, so as not to pay tax when selling them: a person must own them continuously for at least three years (this is spelled out in paragraph 35 of Article 208 of the Tax Code).
According to First Deputy Finance Minister Dzmitry Kiiko, the main reason for the cancellation of this benefit is that “there is no noticeable effect on investments, since the funds are not actually reinvested, but distributed in favor of individuals in increased amounts”. According to him, this possible innovation does not affect the interests of state organizations, since they are required to distribute part of the profits.
Tax innovation for some people traveling abroad is planned
Officials are going to adopt tax changes. Among other things, the authorities want to allow regional councils of deputies to permanently introduce a local fee for vehicles crossing the state border. Now this tax is acting as a temporary measure.
The local fee for vehicles crossing the state border when leaving the country was introduced in 2021. It is valid in three regions — Brest, Vitsebsk and Hrodna. It must be paid when leaving for EU countries, but not for Russia. The amount of the fee is set by regional councils of deputies and is one base fee (today it is 40 rubles).
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