10 January, 2020 | AtoZ Markets – Belarus continues to be a favorable destination for the over-the-counter (OTC) foreign exchange industry. The country's president signed a document that will allow customers to trade FX without being taxed. More and more brokers are coming to Belarus, especially after Russia started taking action against Forex brokers within the country. Belarus's attractiveness stems from its close proximity to Russia, but it has a less strict regulation towards FX.
Belarus Signed the Decree On FX Trading Taxation
Belarus exempts Forex trading taxes. In particular, Alexander Lukashenko, the president of the country, signed the decree no. 503 "On Taxation", which eliminates the taxing of people who trade in forex. The decree exempts individuals from the payment of income tax received from transactions with non-deliverable OTC financial instruments.
In March 2016, the abolition of income tax was proposed for individual customers. Since then, the measure has been in force. However, it has only been temporary and renewed every year.
The Forex Market in Belarus Continues to Grow
According to data of Q4 2019, the number of clients in the Belarusian jurisdiction has exceeded 23 thousand. And the number of non-residents of the total clients of the forex companies was 64%. According to the results of the past 2019, the customers of the Forex market in Belarus will exceed the mark of 25 thousand people. And its demonstrate growth will be more than 100% compared to 2018.
Furthermore, opening a shop in Belarus is much easier than being regulated somewhere in Europe. However, it is not as easy as opening a company in some offshore destinations such as St Vincent and the Grenadines. AtoZ Markets' Chief Currency Strategist, Yury Safronau applaud this milestone and stated that:
"The Belarus government shows with this new taxation decree that it understands the Forex market and is willing to help develop the FX market within the country. For traders it is good news that they will be exempted from taxation and it will give a boost to the Belarusian Forex market."
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