Commentary to Decree No. 422 of 15 October 2015

    A universal mechanism of providing tax information to the tax authorities of other countries, with which Belarus implements agreements concerning the observation of international tax regulations, has been elaborated in Belarus. The Belarusian President signed corresponding Decree No. 422 on 15 October.

    In accordance with the decree, Belarusian financial institutions have to annually provide the identification data, the information about concluded agreements, opened deposits and operations, other information about foreign customers (citizens and organizations of a certain state) to the Ministry of Taxes and Duties and to the tax authorities of corresponding states in compliance with the international agreements.

    Belarusian financial institutions can also withdraw from the agreement (close a deposit) on a unilateral basis in case such clients refuse to provide information needed for the fulfillment of the country’s obligations specified in the agreement concerning the observation of international tax regulations.

    Given Belarus has already concluded an agreement on the observation of international tax regulations only with the United States of America, financial institutions will only provide information about U.S. taxpayers (American citizens and organizations, other organizations operated by American citizens).

    The decree enters into force after its official publication.