The draft Tax Code for 2025 does not establish what cryptocurrency transactions legal entities can perform, but only regulates the procedure for their taxation. The list of "permitted" transactions with digital signs for legal entities, as before, is determined by Decree No. 8 "On the Development of the Digital Economy".
As before, legal entities have the right to own tokens and perform the following operations:
through a resident of the High-Tech Park, create and place your own tokens in Belarus and abroad;
store tokens in virtual wallets;
through crypto platform operators, cryptocurrency exchange operators, and other residents of the HTP, acquire, alienate tokens, and conduct other transactions (operations) with them.
Value Added Tax
Transactions with cryptocurrency (tokens) by legal entities are not subject to VAT and will not be subject to it under the draft Tax Code 2025. At the same time, the Tax Code defines “alienation of tokens” as transactions for their “sale”, exchange, or gratuitous transfer.
If a Belarusian organization or Belarusian individual entrepreneur purchases tokens from foreign business entities (organizations or individual entrepreneurs), then the VAT taxable object in this case also does not arise.
Income tax
1. Income from the placement of digital signs will not be recognized as an object of taxation for profit tax.
Such a norm will be introduced into subparagraph 11.8 of paragraph 11 of Article 167 of the Tax Code. In fact, we are talking about the "emission" through ICO of own signs (tokens), which are created and placed by organizations through residents of PTV (Finstore.by, Bynex) authorized to support such operations as a borrowing instrument.
2. Profits received from operations with tokens (except for placements of own digital signs) from January 1, 2025 for legal entities will be recognized as an object of taxation by income tax.
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The draft Tax Code for 2025 does not establish what cryptocurrency transactions legal entities can perform, but only regulates the procedure for their taxation. The list of "permitted" transactions with digital signs for legal entities, as before, is determined by Decree No. 8 "On the Development of the Digital Economy".
As before, legal entities have the right to own tokens and perform the following operations:
through a resident of the High-Tech Park, create and place your own tokens in Belarus and abroad;
store tokens in virtual wallets;
through crypto platform operators, cryptocurrency exchange operators, and other residents of the HTP, acquire, alienate tokens, and conduct other transactions (operations) with them.
Value Added Tax
Transactions with cryptocurrency (tokens) by legal entities are not subject to VAT and will not be subject to it under the draft Tax Code 2025. At the same time, the Tax Code defines “alienation of tokens” as transactions for their “sale”, exchange, or gratuitous transfer.
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For tax purposes, tax authorities would like to consider digital signs (tokens) as property, which may yet be established by the tax legislation of Belarus. However, for now, according to Decree No. 8, for tax purposes, the alienation of tokens, including by exchanging them for other tokens, is considered as the implementation of property rights.
If a Belarusian organization or Belarusian individual entrepreneur purchases tokens from foreign business entities (organizations or individual entrepreneurs), then the VAT taxable object in this case also does not arise.
Income tax
1. Income from the placement of digital signs will not be recognized as an object of taxation for profit tax.
Such a norm will be introduced into subparagraph 11.8 of paragraph 11 of Article 167 of the Tax Code. In fact, we are talking about the "emission" through ICO of own signs (tokens), which are created and placed by organizations through residents of PTV (Finstore.by, Bynex) authorized to support such operations as a borrowing instrument.
2. Profits received from operations with tokens (except for placements of own digital signs) from January 1, 2025 for legal entities will be recognized as an object of taxation by income tax.
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At the same time, the draft Tax Code-2025 establishes 2 different rates of profit tax:
9% – in relation to the gross profit received from operations with tokens for residents of the HTP,
20% – in relation to gross profit received by other taxpayers who are not residents of the HTP.
Important: according to paragraph 1 of Article 184 of the Tax Code, the profit tax rate of 20% can sometimes turn into a profit tax rate of 25%.
In particular, the profit tax rate is set at 25% for a Belarusian organization excluding branches, for each branch of a Belarusian organization, for each permanent establishment of a foreign organization, for which, based on the results of the reporting period, the cumulative total from the beginning of the tax period, the taxable base for profit tax exceeds 25,000,000 Belarusian rubles.
Also, separate individual special rates are set for some entities (banks, mobile operators, etc.).
3. For the purposes of income tax, certain types of income received by organizations from cryptocurrency transactions will be recognized as non-operating income, and expenses on such transactions will be recognized as non-operating expenses. In particular, according to the draft Tax Code-2025, the following will be included in the composition of non-operating income:
income of the owner of a digital sign created and placed by a resident of the HTP or through a resident of the HTP, with the exception of income specified in subparagraph 3.426 of paragraph 3 of Article 174 of the Tax Code.
a positive difference that arises for the person who created and placed their own token between its value on the date of placement and on the date of repayment of obligations. Such income will be reflected on the date of repayment of obligations.
the positive difference between the value of tokens owned by clients used by the crypto platform operator and the value of such tokens on the date of termination of such use that arises for the crypto platform operator. Such income will be reflected by the crypto platform operator on the date of termination of the use of digital signs. This applies only to crypto platform operators, and does not regulate the income of other players in the Belarusian crypto market, in particular, cryptocurrency exchange operators, crypto brokers. Such income will be reflected on the date of its receipt.
Important: according to Decree No. 8, the "owner of a digital token" is the entity to whom the token belongs by right of ownership or other property right. We are talking about the income that the token owner receives from any transactions with "conditionally Belarusian digital tokens", i.e. those tokens that were created and placed by:
or a resident of the HTP,
or another organization with the participation of a HTP resident.
This means that well-known tokens such as BTC (bitcoin), ETH (ethereum), USDT (Tesar), etc. are not recognized as such tokens specified in Article 174 of the Tax Code.
2. a positive difference arising for the owner of a token created and placed by a resident of the HTP (through a resident of the HTP) between the value of such token upon repayment of the obligations stipulated by the documents on its creation and placement, and the value at which the digital token was acquired. Such income will be reflected on the date of repayment of the obligations stipulated by the documents on the creation and placement of the digital token.
Here we are also talking about the income that the owner of the digital token receives from any transactions with “conditionally Belarusian tokens”, but already upon “repayment” of the cost of such tokens at the end of the established period of their circulation.
The composition of non-operating expenses when performing transactions with digital signs (tokens) for the payer will include: expenses that may arise when performing transactions with tokens, for which types of non-operating income are defined in Article 174 of the Tax Code.
4. For the purposes of determining the tax base for income tax, it has been established what is the "date of sale" of digital signs (tokens). In particular, in the draft Tax Code-2025, when selling (alienating) tokens, the date of their transfer is defined as the day of transfer according to the issued primary accounting documents.
The transfer of a token is considered completed at the moment of reflection of the confirmed operation of transferring the token to the addressee in the register of transaction blocks (blockchain), other distributed information system in accordance with the rules (protocols) in force in them. It is allowed to use tokens as a reward for verification, performing other operations in the register of transaction blocks (blockchain), other distributed information system.
5. Now, Article 179 of the Tax Code, in addition to transactions with securities, will also establish the specifics of determining gross profit for transactions with tokens. In particular, this article is supplemented by paragraph 5 and, when determining gross profit from transactions with digital signs, the following are taken into account:
profit (loss) of a HTP resident from the provision of services related to the creation and placement of digital signs (tokens) using the Internet, including services for the promotion of digital signs (tokens), consulting and other related services;
profit (loss) from the activities of the crypto platform operator and the cryptocurrency exchange operator;
profit (loss) from mining activities;
profit (loss) from the sale (alienation) of digital tokens (tokens), including those generated (mined) or obtained as a result of mining activities;
profit (loss) from other activities using digital symbols (tokens), including those containing signs of professional and exchange activities on securities, activities of an investment fund, securitization;
non-operating income (non-operating expenses) from transactions (operations) using digital symbols (tokens).
6. When an individual entrepreneur makes transactions with tokens, the income he receives will be included in his income received from entrepreneurial activity.
Individual entrepreneurs will calculate income tax on income received from transactions with tokens. At the same time, the tax base for income tax for individual entrepreneurs who are residents of the HTP will be determined in the manner established for income tax for individuals. Transactions with tokens are not included in the list of activities that an individual entrepreneur has the right to carry out if he is not a resident of the HTP. For individual entrepreneurs who are residents of the HTP and receive income from transactions with digital signs, the income tax rate is set at 9%.
7. The draft Tax Code-2025 specifies when an organization that carries out transactions with tokens cannot apply the simplified taxation system. From January 1, 2025, a ban is provided for the use of the simplified taxation system when carrying out virtually any transactions with digital signs.
8. Article 345 of the Tax Code, which determines which taxpayers are not entitled to apply a single tax for agricultural producers, established a ban on the application of a single tax when performing virtually any transactions with tokens.#BTC
