Belarus Investment Income Guide 2026

Overview — Investment Income Taxation

Belarus taxes investment income through withholding taxes at source for dividends and through self-assessment for other investment income. The standard rate for most investment income is 13% for residents. Non-residents are generally subject to higher withholding tax rates (typically 15% for dividends, 20% for interest), which may be reduced under applicable double tax treaties. The Ministry of Taxes and Levies administers all investment income taxation. The investment landscape in Belarus includes bank deposits, government bonds, corporate bonds, listed shares, and mutual funds.

Dividends — 13% WHT (Residents)

Dividends paid by Belarusian-resident companies are subject to withholding tax at 13% for resident individual shareholders. This is a final tax, meaning the dividend income is not included in the individual's IIT return. For corporate shareholders, dividends are generally exempt from CIT (participation exemption applies if the parent holds at least 50% of shares for more than 1 year). For non-residents, the dividend WHT rate is 15% (reduced to 5–15% under most DTTs). Dividends from HTP-resident companies may benefit from reduced rates under the HTP regime.

Interest Income — 13%

Interest income is taxed at 13% for residents. The tax treatment depends on the source:

• Bank deposits — interest on BYN and foreign currency deposits is taxed at 13%. Tax is withheld at source by the bank.
• Government bonds — interest on government securities is taxed at 13% (withheld at source)
• Corporate bonds — interest is taxed at 13% (withheld at source by the issuer)
• Deposit threshold — interest on deposits with rates exceeding the National Bank refinancing rate plus 5 percentage points is taxed on the excess portion

Interest on bank deposits is generally subject to final withholding tax, meaning no further reporting is required. The bank issues a tax certificate to the depositor.

Capital Gains on Investments

Capital gains from the disposal of investment assets (shares, bonds, derivatives) are included in ordinary income and taxed at 13% for individuals. However, as noted in the capital gains guide, gains from the sale of shares held for more than 3 years are exempt from tax for individuals. This exemption is designed to encourage long-term investment in the Belarusian equity market. Gains from the disposal of government securities and certain corporate bonds may also be exempt under specific conditions. For companies, all investment gains are included in taxable profits at 20%.

Mutual Funds & Collective Investments

Distributions from mutual funds (investment funds) in Belarus are generally taxed at 13% for individual investors. Capital gains from the redemption of mutual fund units are also taxed at 13%. The fund itself is generally exempt from CIT on investment income attributable to unitholders. Certain types of funds, including pension funds and insurance reserves funds, may have special tax treatment. The Ministry of Finance regulates all collective investment schemes in Belarus. Investors should receive annual tax statements from their fund manager detailing taxable income and gains.

FAQs

Do I need to report dividend income on my tax return?

If you are a resident individual, the 13% WHT on dividends is final, so no further reporting is needed. Non-residents and corporate shareholders should report and claim treaty relief where applicable.

Are foreign investment income and capital gains taxable in Belarus?

Yes, tax residents are taxed on worldwide investment income. Foreign dividends, interest, and capital gains should be declared in the annual IIT return. Foreign tax credits may be available under DTTs.

Is interest on savings accounts taxable?

Yes, interest on all bank deposits is subject to 13% IIT. The tax is withheld at source by the bank and remitted to the MNS. No further reporting is required for individuals.

Disclaimer

This guide provides general information about Belarusian investment income taxation for the 2026 tax year. Tax laws and rates may change. Always consult with a qualified Belarusian tax advisor or the Ministry of Taxes and Levies for advice specific to your situation. InvestmentKit does not provide tax advice.