Belarus: Tax exemption available to individuals

A presidential edict (No. 143) issued on 9 March 2010 introduces a tax exemption for certain income derived by individuals.

According to the edict, individuals (whether or not citizens of Belarus) who become tax resident in Belarus are not subject to tax in Belarus on certain passive income for five years after becoming tax resident. The exemption applies to foreign-source dividends, interest, royalties, income from the sale of securities and gains from the sale of real estate.

To qualify for the tax exemption, the individual may not have been tax resident in Belarus for any period during the five years before becoming tax resident and the exempt income must be transferred to a bank account in Belarus.

The edict applies retroactively as from 1 January 2010.