Tags in this story
Belarus, Belarusian, Crypto, Cryptocurrencies, Cryptocurrency, Decree, extension, htp, Lukashenko, Minsk, President, Regulation, Regulations, Tax, tax benefits, tax cuts, tax exemptions, Tax, Taxes
Tax benefits for Bitcoin companies in Belarus extended until 2025 – Taxes Bitcoin News
Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until January 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the Minsk executive legalized crypto activities such as mining and trading.
Belarus will maintain its crypto-friendly tax regime for another 2 years
President of Belarus Alexander Lukashenko has approved the extension of tax preferences given to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree No. 80 “On Certain Issues of Taxation.”
The document extends the tax breaks introduced by Lukashenko’s Decree No. 8 “On the Development of the Digital Economy” of December 21, 2017. The latter legalized a number of crypto-related activities in the country when it entered into force on March 1, 28, 2018.
The regulations, including the tax benefits, only apply to residents of the Belarus High Technology Park (HTP). Its special legal regime allows the issuance and circulation of cryptocurrencies and tokens, and Belarusian authorities are now trying to secure its development.
According to Lukashenko’s latest decree, the turnover and profits of such entities will not be subject to value added tax (VAT) and profit tax until January 1, 2025. Individuals will also be exempted from income tax during the same period, for income received from mining, acquisition, exchange or sale of crypto assets for fiat currencies.
The president has also ordered the administration of the HTP to produce a concept for further development of the cryptosphere in Belarus by July 2024, in cooperation with interested parties. The decree comes into force upon publication, but also covers the first months of the year, when the tax exemptions expired on 1 January 2023.
While supporting regulated crypto businesses, the Belarusian government has gone after unauthorized enterprises. In August 2022, police authorities in Minsk issued an international arrest warrant for the owner of the country’s largest unlicensed crypto exchange, Bitok.me. And in January of this year, a Belarusian citizen was fined $1 million for illegal crypto trading.
Do you think Belarus will extend tax exemptions again in 2025? Share your expectations in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
