On 4 January 2023, Belarus published Law No. 230-Z in the Official Gazette amending various tax measures. The following are the key amendments to the tax code:
- From 1 January 2023, the deadline for submitting transfer pricing documentation to the tax authorities has been changed to 1 August of the following year from its previous due date of 1 June.
- For 2023 and 2024, If the taxpayer pays the additional corporate income tax resulting from a discrepancy between transaction prices and market prices within 5 days of the tax authority’s adjustments, they will not incur late penalties for delayed payment.
- From 1 January 2023, the income tax rate for corporations has been increased to 20% from 18%, and for individual entrepreneurs to 20% from 16%. At the same time, the law removes the power of local authorities to raise the local rate by up to 2% for companies operating within their jurisdiction.
- A 30% corporate tax rate will apply to cellular mobile telecommunications operators and commercial microfinance organizations listed in the register of microfinance organizations for profits obtained from their activities, from 1 January 2023 to 1 January 2025.
- Loss carry-forward period has been reduced from 10 to 5 years. This procedure for the transfer of losses is applied starting from the profit of 2022.
- From 2023, the income tax rate on dividends to foreign organizations is increase to 15% from 12%. Moreover, income received by foreign organizations from government bodies using budgetary funds will be exempt from income tax.
