Belarus Grants Tax Exemptions for Crypto Firms
• Belarus has extended its tax exemptions for crypto related platforms and entities until 2025.
• The exempted taxes include personal tax, value-added tax, and income tax.
• This move is part of the country’s effort to incentivize more crypto-related investments.
Tax Exemptions Until 2025
Belarus president Aleksander Lukashenko recently signed a decree that allows crypto miners and developers to operate tax-free within the country until 2025. This new decree replaces the previous one that required crypto businesses and people working in the industry to pay applicable taxes up to the end of 2023. The exempted taxes include value added tax, income tax, and personal taxes.
Incentivizing Crypto Investments
Offering access to tax-free operations to businesses and industry players is the latest move by Belarus suggesting fresh incentives to crypto related projects. In 2017, Belarus unveiled its High-Tech Park targeting a new wave of crypto miners, and moved its efforts further with incentives for crypto firms through making initial coin offerings (ICOs) legal.
Other Countries Offering Crypto Tax Benefits
Belarus now joins countries such as Singapore, UAE, Switzerland, Germany among others in being crypto tax-free. These countries are not looking to lock out crypto firms from their jurisdiction with excessive taxation as a regulatory environment becomes increasingly hostile towards several crypto firms.
As more countries begin offering incentives for cryptos related projects and welcoming these firms with open arms into their jurisdictions, it is important that investors take advantage of these opportunities provided by governments around the world in order to maximize their investments returns while also remaining compliant with local laws on taxation matters regarding cryptocurrency activities.