Belarusians Warned About 26% Tax
7- 18.01.2025, 10:05
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The Ministry of Taxes and Duties explained in which cases it will have to be paid.
The Ministry of Taxes and Duties explained how Belarusians can legally work with cryptocurrency (tokens) and pay taxes on it.
The relevant information appeared on the department's website. In addition, it was reported there that Belarusians had many questions on this matter.
What cryptocurrency transactions are Belarusians allowed to carry out?
According to the department, Belarusians are allowed to own tokens on their own, mine them, store them in virtual wallets, exchange them for other tokens, as well as buy, sell for Belarusian rubles, foreign currency, electronic money, give and bequeath.
However, mediation in token transactions for other people is prohibited. Tokens can only be bought and sold for money through residents of the High-Tech Park (HTP).
Transactions on foreign crypto exchanges with withdrawal of money to the accounts of non-residents of the HTP, as well as settlements directly between individuals are considered illegal.
At the same time, exchanging tokens for other tokens on foreign exchanges is allowed if this is done independently and not to help others. You can withdraw money from foreign crypto exchanges to foreign bank accounts only if you are abroad and carry out transactions that are, in principle, allowed for Belarusians.
If a citizen bought tokens from a resident of the HTP, transferred them to a foreign exchange, exchanged them there for other tokens, returned them to the Belarusian exchange and sold them for rubles or currency — this is legal.
It is also legal, while abroad, to sell tokens on a foreign exchange and withdraw money to your account in a foreign bank.
How to pay taxes on income in cryptocurrency?
Income from transactions with tokens received from non-residents of the HTP, foreign organizations, individual entrepreneurs or individuals is subject to income tax at a rate of 13%. Income is defined as the amount actually withdrawn from a foreign platform or received from a foreign person/organization.
When determining the tax base, tax deductions are not applied and expenses related to the acquisition of tokens are not taken into account.
The tax return must be filed before March 31 of the year following the year in which the income was received. If the income was received from illegal activities or was not declared, the tax rate will be 26%.
“At the same time, the tax base for income received from illegal and (or) prohibited activities is determined, including taking into account income from the exchange of tokens for other tokens,” the Ministry said.
It is important to remember that transactions with tokens through HTP residents, mining, token exchange, as well as receiving them as a gift or inheritance are not subject to tax. Moving tokens between your wallets is not considered income.
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