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Taxation in Belarus
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Taxation in Belarus

Corporate Tax

Standard rate: 24% (30% for insurance companies)

Resident companies are taxed on their worldwide income; non-resident companies are taxed only on Belarusian-source income. Companies registered under the law of Belarus are resident for tax purposes. Business profits, including capital gains, are subject to the corporate profits tax, charged at a rate of 24%. There is also a corporate income tax that applies to dividend distributions, banks and insurance companies, and transactions in securities. The rate is 30% for insurance companies and 40% for transactions in securities. As from January 1st 2006, banks are subject to the general corporate profits tax at the 24% rate, rather than the corporate income tax.

Individual Tax

Progressive rates rising to 30%

Residents are taxed on their worldwide income; non-residents are taxed only on Belarusian-source income. An individual is resident if permanently residing in Belarus or if present in the country for more than 183 days in a year. Aggregate income, including business income, is subject to income tax at progressive rates from 9% to 30%. Dividends are taxed by a 15% final withholding tax.

Capital Gains

Generally taxed as income

Capital gains are taxed as income, except where a company has foreign-source capital gains on securities, which are subject to corporate income tax at 40%.

Indirect Tax

Standard rate: 18% ; Other rates: 10%

Value-added tax (VAT) applies to most transactions at the standard rate of 18%. A lower rate of 10% applies to supplies of certain foodstuffs and agricultural products; and services of repairs, hairdressing and laundries. Exemptions from VAT include banking and financial services, insurance, educational services and legal services supplied to individuals. Registration is compulsory for businesses.

Tax Administration and Compliance

Tax year: Calendar year

Companies must make monthly advance payments of the corporate profits tax and, if applicable, the corporate income tax, based on the submission of monthly returns. The tax year for individuals is the calendar year. Tax is deducted at source from employment income. Individuals receiving income other than employment income must submit a tax return by March 1st following the year-end.

Additional Tax Information

Withholding Taxes

Dividends 15%, Interest 10%, Royalties 15%. These rates may be reduced by provisions of an applicable tax treaty.

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