Belarus has announced that it will allow tax exemptions for cryptocurrency businesses, including miners, until 2025. The taxes that will be waived include income tax, personal tax, and value added tax. Belarus has joined several countries, including the UAE, Singapore, Switzerland, and Germany, that are providing incentives to attract more cryptocurrency-related investments.
The new tax exemptions, according to local news outlet AFN, were recently signed into law by Belarus president Aleksander Lukashenko. The decree replaces a previous one that required crypto businesses to pay applicable taxes until 2023. The tax exemptions benefit businesses and industry players working on the exchange of coins and tokens for the Belarusian ruble and foreign currencies, not just crypto miners and developers.
Belarus is among the countries that are not locking out cryptocurrency companies by imposing excessive taxes, which is becoming a cause of concern in some nations. The country unveiled its High-Tech Park in 2017, with the goal of attracting crypto miners, and made initial coin offerings (ICO) legal, providing incentives to crypto firms.
In conclusion, Belarus is among the growing number of countries that are providing crypto tax exemptions to incentivize more cryptocurrency-related projects. The extension of tax exemptions for another four years is likely to attract more crypto-related investments, particularly from firms and individuals keen on avoiding excessive taxes.
