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Belarus exempts Forex trading from taxes

Jan 21, 2020

The President of Belarus, Alexander Lukashenko, signed the Decree “On Taxation” which exempts forex trading from taxes.The decree exempts individuals from paying income tax received from transactions with non-deliverable OTC financial instruments.

The tax exemption was initially proposed in March of 2016, however, since then it was only a temporary measure and had to be extended every year. Apparently, the regulator is keen to contribute and develop the sector. The increasing number of licensed companies, the enormous speed increase of client base (more than 300% annually), the growth of clients deposits (by 20 times over the three years), the expanding trading operations volume (gone up by more than 10 in three years) – all of this comes to show the OTC forex market growth. The income tax cancellation will undoubtedly affect all market players as well as have positive effects on jurisdiction. Belarus is becoming more and more attractive for brokers and new regulation will only boost its attractiveness.

The figures confirm the growing popularity of the Belarus jurisdiction – last year the number of traders has exceeded 23 thousand but the total number of non-resident clients of forex companies was 64%. This year the number of clients will likely overcome the previous marks.

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