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Belarus Imposes 30 Percent Tax On Foreign Currency

by Lorys Charalambous, Tax-News.com, Cyprus

24 December 2014


Belarus has imposed a temporary 30 percent levy on purchasing foreign currency, in response to increasing demand prompted by the financial crisis in neighboring Russia.

The country's National Bank said that businesses and banks will pay the fee when making currency purchases at the stock exchange. Individuals, meanwhile, will pay via commission at banks.

Along with the new levy, interest rates have been hiked to 50 percent and exporters must now convert 50 percent of their foreign revenues into Belarusian roubles.

The National Bank explained that the measures have been taken to prevent negative financial trends emerging, and to make it more attractive to keep savings in the local currency.

Revenue raised from the new fee will be directed to the budget.

TAGS: tax | banking | financial services | fees | tax rates | Belarus | currency | services

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