Belarus Scraps Foreign Exchange Purchase Tax for Companies

After the implementation of a 30% tax on foreign currency purchases in late December, the Belarusian government proceeded with more changes. It instructed the central bank to devalue the Belarusian ruble by 15% in two installments, and afterwards it scrapped the foreign currency purchase tax for companies and left only the one in place for individuals at 10%.

As already reported by Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates, the tax has been enforced on all transactions, including debit and credit card purchases. The devaluation of the Belarusian ruble is a result of the country’s heavy dependence on the Russian economy, where the ruble has been steadily losing value for the past year due to falling oil prices and heightened geopolitical tensions.

The likelihood of the tax being abolished for Belarusian residents in the future is growing, and deposits to foreign brokerages could be restored to normality, albeit the purchasing power of the local population for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term-denominated goods (a good chunk of consumer goods in the economy) has dropped by 15%.

Around the time of the tax implementation, Belarusians stormed local electronics stores and car dealerships aiming to turn their hard-earned cash into physical goods. The implications of the tax for the industry operating in Belarusia is likely to be short term as during the Christmas and New Year holidays activity is typically lower.