Taxes for investors from 2026

Another change in the Tax Code has been published and will take effect on January 1, 2026. I looked at what new developments will affect investors in Belarus. If I missed anything, please add.

1. Income from corporate bonds

Income (including coupons) from corporate bonds issued after 01.01.2026 will not be taxed if two conditions are met simultaneously:

- the term of circulation under the terms of the issue > 1 year;

- within 1 year from the start of placement, the issuer cannot carry out early redemption and buyback (offer).

Article 208, paragraph 35

The new conditions do not apply to "old" issues issued before January 1, 2026, as well as government bonds. Income from them, as before, will not be taxed.

2. Interest on debt tokens (Finstore, etc.)

Interest on new issues from 2026 will not be taxed if both conditions are met:

- the term of circulation for placement is > 1 year;

- there is no offer (early redemption) in the first year.

Income from the sale of tokens remains exempt from tax, without additional conditions (unlike bonds).

Article 202-1 p 2.1

3. Dividends

Dividends from Belarusian companies are treated specially - they are not included in the overall base for progressive tax, but are considered on a separate scale. A rate of 13% applies to up to 350,000 rubles, above that - 25%.

For most private investors, the threshold of 350,000 rubles is excessive, so the rate will remain unchanged - 13%.

4. On cryptocurrency - no changes.

The sale of cryptocurrency on PVT exchanges, the exchange of tokens on any exchanges, and mining are not recognized as taxable objects.

Income from permitted operations with tokens obtained from foreign exchanges is taxed at a rate of 13%.

Income from prohibited operations with tokens - 26%.

Article 202-1 p 2.1 + explanations

5. For foreign brokers - no changes.

The income tax rate is 13%, regardless of the amount of income. The obligation to declare and pay tax arises after transferring money from a brokerage account to a bank account (in Belarus or another country) or electronic money.

Investments are not included in the base for "super profits"

Starting in 2026, the progressive income tax scale has turned into a three-tier system. Now, if you earn less than 350,000 rubles a year (previously it was 220,000) - the tax will be the usual 13%, above 350,000 on the excess amount - already 25%, and above 600,000 - 30%.

But not all income is included in the tax base (for calculating 25% and 30%). It is pleasing that investment income is NOT included in the base:

- from the sale of securities;

- coupons on bonds;

- interest on tokens;

- dividends from foreign companies;

- interest on deposits;

- income from cryptocurrencies.

Art. 199, p. 8-2

That is, if you earn conditionally 100,000 rubles on investments, they will not be added to your salary or business income and will not increase the tax base, nor the income tax rate.

***

The Tax Code-2026 brought several changes for investors. The most noticeable is the introduction of tax on short bonds and tokens. Most likely, issuers will adjust and adapt new issues so that income for investors remains tax-free.

What do you think of the changes to the Tax Code?