Belarusians Deprived Of A Tax Benefit

Who does this affect?

In 2025, Belarus will 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. The innovation is provided for by amendments to the Tax Code.

Currently, this income is exempt from income tax. At the same time, there is a condition for shares purchased since 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).

As First Deputy Minister of Finance Dzmitry Kiiko explained earlier, 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 are distributed in favor of individuals in increased amounts.”

According to him, this innovation does not affect the interests of state organizations, since they are required to distribute part of the profit. Notably, that other tax innovations will be introduced in 2025. For example, there will be an increase in the rates of fees set in rubles. These include, among other things, property taxes — on land, real estate, and transport.

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