Belarus extends tax incentives for the crypto industry until 2025
The presidential decree obliges the leadership of the High-Tech Park to develop a concept for the development of the token sphere by July of next year
29.03.2023 - 11:15
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3 min
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What’s new? On March 28, Belarusian President Alexander Lukashenko signed Decree No. 80 “On Certain Issues of Taxation,” which extends the effect of tax preferences in the crypto sphere until January 1, 2025. The document also provides for the elaboration of a concept of further development of the digital sign sphere in the country until July 1, 2024. This is reported on the official website of the President.
What else is known? The preferences were previously introduced by Decree No. 8 of December 21, 2017 “On the development of the digital economy.” The preferences apply to residents of the High-Tech Park of Belarus, which has a special framework regime and allows the circulation of cryptocurrencies. Before signing the decree, these preferences were valid until January 1, 2023.
According to Decree No. 8, until January 1, 2025, there will be no value-added tax, income tax, and personal income tax on mining, creation, acquisition, and disposal of digital signs (tokens) for Belarusian rubles, foreign currency, electronic money and (or) through the exchange for other tokens. In addition, the decree stipulates an obligation for the administration of the High-Tech Park to create a concept for the development of the token sphere, including taxation issues, by July 1, 2024.
Russia’s Ministry of Finance supports the tax rate for miners in the amount of 7-20%
At the moment, the deputies are discussing various taxation options — from the UTII to the income tax
On February 14, 2022, Lukashenko signed a law allowing the free circulation of cryptocurrencies in the country and also envisioning the creation of a registry of virtual wallet addresses used in illegal activities. On May 17, a resolution of the Ministry of Justice came into force, according to which the authorities conducting criminal proceedings must keep records of seized/arrested cryptocurrencies. Also, the document reported that the confiscated digital assets should be sold.
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