Transfer Pricing: features and innovations in 2026

Transfer pricing (TP) is an area of high risk and control for many business entities by regulatory authorities. 2026 is no exception for legislative changes. Let us consider important aspects to avoid additional income tax assessments, penalties, and administrative liability, and, in some cases, to adjust the tax base independently.

Expanding the scope of control

For the purposes of control under subparagraph 1.3. of Article 88 of the Tax Code of the Republic of Belarus (hereinafter referred to as the TC), the following transactions are additionally included:

• with residents of the FEZ;
• with taxpayers operating in certain territories defined by law, as well as with residents of the High-Tech Park, the special tourist and recreational park “Augustow Canal” and the China-Belarus Industrial Park “Great Stone”;
• foreign trade transactions between related parties.

At the same time, foreign trade transactions involving real estate, shares, stakes in the authorized capital of organizations, and loans are excluded from subparagraph 1.1 of Article 88 of the Tax Code.

Control over transactions under subparagraph 1.3 of Article 88 of the Tax Code is conducted without applying a threshold value. The exception is loan transactions and operations involving shares, units, and stakes, which are subject to control if their aggregate value exceeds 400,000 rubles.

Comparable uncontrolled price method (specifically for loans)

From January 1, 2026, quarterly (instead of annual) control has been introduced for transactions where the comparable uncontrolled price method was applied.

What does this mean?

If a transaction is subject to transfer pricing control, its prices deviate from market prices, and to compare the price of the analyzed transaction with market transactions, the method of comparable uncontrolled price is applied, the tax adjustment is to reflect in the declaration (calculation) for income tax no later than the quarter following the quarter in which this transaction is recognized as analyzed transaction.

Loans

If the loan agreement does not specify a repayment date (a common occurrence in practice), it is impossible to find comparable transactions. To address this, an amendment was introduced from January 1, 2026, establishing the procedure for determining the market interest rate for loans with no specified repayment date or repayment on demand.

In this case, overnight rates for the relevant currencies used by banks when providing overnight interbank loans are applied:

• RUONIA — for loans in Russian rubles;
• ESTR — for loans in euros;
• SHIBOR – for loans in Chinese yuan;
• SOFR – for loans in US dollars;
• SONIA – for loans in pounds sterling;
• SARON – for loans in Swiss francs.

For loans provided in other foreign currencies, the refinancing rate (key or other similar rate) of the central bank of the relevant state is applied.

The following deviations from the base rate are permitted:

• for the lender – reduction up to -20%;
• for the borrower – an increase of up to +20%.

As an exception for loans provided in Belarusian rubles, a reduction in the lender’s rate of up to 50% of the refinancing rate is permitted.

Important: This approach is only used in cases where it is not possible to find comparable transactions based on the loan term and currency type.

For reference: Until 2027, a grace period applies to targeted loans provided between Belarusian organizations that are subject to transfer pricing control when meeting the following conditions simultaneously:

• the loan was provided by one Belarusian organization to another Belarusian organization;
• the loan is targeted;
• the loan is provided for the implementation of current or investment activities (non-financial);
• the intended purpose is specified in the loan agreement (note: subparagraph 1.7 of paragraph 1 of the Decree of the President of the Republic of Belarus 361 dated July 21, 2014 “On Certain Issues of Taxation, Accounting, Revaluation of Property and Collection of Rent”).

In this case, tax adjustments for income tax within the transfer pricing system are not performed, electronic tax invoices are subject to mandatory issuance, and the electronic tax invoices are to provide information about the parties of the transaction and about the interest rate, including the 0% rate.

This publication is for informational purposes only and should be used as a general guide only. Before taking or refraining from any action based on the information in this publication, you should seek professional advice.

Contact us to discuss your questions in the context of your specific circumstances by filling out the feedback form on the assurance.by website or by sending your question by email: info@assurance.by.