Changes to Tax Law

Belarus: Changes to the Belarusian Tax Code have been introduced.

From 1 July 2016 VAT payers (except foreign companies not registered with the tax authorities in Belarus) must issue electronic invoices. Sellers and buyers will exchange electronic documents through the Web portal for electronic invoicing (‘Web portal’), which is a data resource of the Belarusian Ministry of Taxation. There are some exemptions in legislation, when an electronic invoice is not issued by the tax payer and an electronic invoice is sent to the Web portal without issuing it to the buyer. 

From 1 July 2016 tax payers must notify the tax authorities of controlled transactions (subject to transfer pricing control) by means of providing information in the above mentioned electronic invoices. We recommend developing and implementing an internal control mechanism to keep track of controlled transactions. It should be also taken into account that the list of controlled transactions has been significantly amended.

Changes concern also the simplified taxation system (STS). The limits of gross profit for implementing STS by individual entrepreneurs have been significantly decreased up to 1.5 billion BYR (65 683 Euro). Moreover, the list of taxpayers, ineligible to implement STS has been supplemented.

Legal entities and individual entrepreneurs applying STS will be exempt from real estate tax if the floor space of permanent structures (buildings, installations), their parts and parking spaces does not exceed 1 000 sq. m. (earlier the limit was 1 500 sq. m).

For more information, please follow the link.

Source: National Legal Internet Portal of the Republic of Belarus (NLIP) 2/2343, 01.01.2016

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