• Belarus has extended the tax exemptions for crypto businesses until 2025.
• These exemptions include value added tax, income tax and personal taxes.
• This move is intended to incentivize more crypto-related investments in the country.
Tax Exemptions for Crypto Firms
Belarus is one of the countries not looking to lock out crypto firms from their jurisdiction with excessive taxation. As the regulatory environment becomes increasingly hostile to several crypto firms, the latest news from Belarus indicates that they have extended their tax exemptions for crypto related platforms and entities until 2025. This includes exemptions on value added tax, income tax and personal taxes, allowing businesses within this industry to operate with relative freedom in terms of taxation.
Other Countries Offering Crypto Tax Exemptions
Belarus now joins countries such as Singapore, the UAE, Switzerland and Germany in being crypto tax-free. Other countries offering similar incentives include Bermuda, British Virgin Islands, Cayman Islands, El Salvador Georgia Hong Kong Malaysia Malta Puerto Rico Slovenia Switzerland and U.A.E..
Decree Signed by President Lukashenko
According to details in local news outlet AFN, Belarus president Aleksander Lukashenko recently signed a decree that allows miners and developers to operate without paying any applicable taxes until 2025 within the country’s jurisdiction . Furthermore, this also applies to firms and individuals working around trading coins or tokens for either foreign currencies or Belarusian rubles. This new decree replaces an earlier one which required such businesses pay taxes up until 2023.
Incentives For Crypto Projects
Offering access to tax-free operations is part of a larger effort by Belarus to provide incentives for companies working in this space; they launched their High-Tech Park back in 2017 targeting cryptocurrency miners while also making ICOs legal within their jurisdiction as well as other benefits including free electricity costs amongst others available through that program too.