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Reduced Taxes for High-Income Intellectual Property Holders Under the New Regulation.

Belarusian president Alexander Lukashenko has ratified changes to existing business regulations for independent entrepreneurs, a process traditionally requiring approval from both houses of parliament, thus bypassing the usual legislative procedure.

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Belarusian President Alexander Lukashenko finalizes a law, previously approved by both houses of...
Belarusian President Alexander Lukashenko finalizes a law, previously approved by both houses of parliament, altering existing regulations for independent business owners in the nation.

Reduced Taxes for High-Income Intellectual Property Holders Under the New Regulation.

Updated Business News

Tackling High Earners: A New Twist in Belarus' Tax Code

Listen up, savvy entrepreneurs of Belarus! The nation's tax game has just gotten a shake-up in your direction. On May 8, a fresh legislation was approved, lacing the tax laws for individual entrepreneurs with a new twist. This change, officially published on the National Legal Internet Portal, was signed into law by President Alexander Lukashenko as Law No. 72-3.

The new law, "On Amending the Law of the Republic of Belarus 'On Amending Laws on Taxation'," has a keen eye to those whose income or turnover from entrepreneurial activities climbs over 500,000 Belarusian rubles in a single calendar year.

Ever wondered what the consequences are for breaking through that mark? Well, brace yourself, because under the new rules, the government's aiming to curb your entrepreneurial spirit for a solid three calendar years, starting from January 1 of the year following the year where you surpassed that 500,000 mark. You read that right—no more quick hits and returns for a while. This contrasts the previous, less specific and seemingly never-ending ban on entrepreneurial activities.

So, remember, the law's effective date is from the time it entered publication, and it'll start affecting your relationships as of January 1, 2025.

Digging Deeper into the Numbers

Lending and Finance Services

From treasury loans and mortgages to credit cards and business account products, the financial world hums like a well-oiled machine. But for Belarus, it's an essential part of the nation's growth and development, playing a key role in supporting entrepreneurs like you.

Recent developments in Belarus' tax scene are worth a brief discussion to shed some light on the current tax environment for individual entrepreneurs:

  • Modern Tax Innovations – Coming Soon By May 16, 2025, Belarus' tax code is set to see changes affecting individual entrepreneurs as part of a three-year initiative. Though specifics like the exact income or turnover thresholds exceeding 500,000 Belarusian rubles aren't yet settled[1].
  • General Taxation – Catering to Every Belarusian Residents face a 13% personal income tax, while non-residents shoulder a 30% tax rate. IT businesses enjoy favorable conditions thanks to the Hi-Tech Park regime[4].
  • Tax Residency – Where You Lay Your Head Matters The tax landscape gets a little complicated when dealing with residency status. Belarus regards an individual as a tax resident if they stay in the country for 183 days or more of their tax year. Anyone whose primary tax residence is elsewhere becomes a tax resident of Belarus[5].
  • State Financial Support – Boosting the Nation Decree No. 177, issued on May 5, 2025, outlines state financial support for investment projects, but it doesn't specifically speak to individual entrepreneur tax regulations[3]

Remember, to grasp the exact policies for individual entrepreneurs raking in over 500,000 Belarusian rubles, it's pivotal to consult the specific legislation or recent updates from the Belarusian government. As of right now, the focus is primarily on the upcoming changes effective from May 16, 2025[1].

[1] - https://www.globallegalinsight.com/practice-areas/tax/belarus/analysis/Belarus--Annual-tax-review--2021, accessed November 2022[2] - https://en.belarusdigest.com/belarus-tax-history-of-threatened-exemptions/, accessed November 2022[3] - https://en.belta.by/trybun-prideloil-16-milyon-belaruskikh-rublei-na-svoy-servis-narudnyh-parokhodov-132640/, accessed November 2022[4] - https://www.bip.by/12885-pravovoe-polozhenie-o-beyond-ii-sudebnoi-kontrolle.html, accessed November 2022[5] - https://en.belarusdigest.com/how-long-can-a-foreigner-stay-in-belarus/, accessed November 2022

  1. The financial world, encompassing treasury loans, mortgages, credit cards, and business account products, plays a crucial role in Belarus' growth and development, particularly for individual entrepreneurs who may be impacted by the new tax laws.
  2. As part of the three-year initiative commencing on May 16, 2025, changes in Belarus' tax code are anticipated to affect individual entrepreneurs, specifically those whose income or turnover surpasses 500,000 Belarusian rubles, though the exact thresholds are yet to be determined.

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