Legislation news: Clarification of the Ministry of Taxes and Duties on the tax accounting of exchange differences

The Ministry of Taxes and Duties of the Republic of Belarus informs about the new rules for accounting for exchange differences arising from the recalculation of assets and liabilities in a foreign currency.

Key points:

• starting from January 1, 2025, in accordance with subparagraph 3.26 of paragraph 3 of Article 175 of the Tax Code of the Republic of Belarus (hereinafter – the Tax Code), exchange differences are not included in non-operating expenses, when  exchange differences arise from the recalculation of assets and liabilities expressed in Belarusian rubles in the amount equivalent to a certain amount in a foreign currency, the value of assets and liabilities, that occurred in connection with the provision and (or) receipt of loans;
• these restrictions apply to loans granted and received before 2025, with the exception of exchange differences that occurred in 2020;
• for the bond issuer, exchange differences arising from the recalculation of the bond repayment liabilities expressed in Belarusian rubles in the amount equivalent to a certain amount in a foreign currency are not included in non-operating expenses;
• exchange differences arising from civil law contracts related to the sale of goods, performance of works and provision of services concluded in Belarusian rubles with reference to the equivalent in a foreign currency, the terms of which provide for deferred or installment payments, are taken into account when taxing profits without taking into account the restrictions established by subparagraph 3.26 of paragraph 3 of Article 175 of the Tax Code.

The explanation of the Ministry of Taxes and Duties “On the tax accounting of exchange differences” (review letter of the Ministry of Taxes and Duties dated 26.05.2025 No. 2-2-13/01147-1) can be found at the link: Clarifications and comments.