In order to expand the sales markets for their products and increase the volume of services provided, Belarusian organizations can lease (and often even rent) real estate located in a foreign country.
How such transactions are taxed is discussed later in the article.
Registration of foreign currency real estate lease agreement
Residents and non-residents carry out currency transactions on the basis of currency agreements concluded by them in accordance with the requirements of currency legislation or on other grounds provided for by the legislation of Belarus and (or) the legislation of foreign states (clause 1). Article 10 of the Law No. 226-Z of July 22, 2003 “On Currency Regulation and Currency Control” (hereinafter referred to as Law No. 226-Z).
Foreign exchange transactions in foreign currency between a resident legal entity and a non-resident legal entity are carried out in non-cash form without any restrictions (clause 1 of article 13 of Law No. 226-Z).
Foreign exchange agreements concluded between residents and non-residents that provide for the conduct of foreign exchange transactions in accordance with Art. 13 of Law No. 226-Z and named in Part 2, Clause 3 of the Instructions on Registration of Foreign Exchange Agreements by Residents, approved. By Resolution of the Board of the National Bank dated February 12, 2021 No. 37 (hereinafter referred to as Instruction No. 37), if the amount of monetary obligations under such foreign exchange agreements is not determined or determined on the date of termination Is performed. The foreign exchange agreement is equal to or greater than the following amounts:
– 2000 Basic Units (BV) at the closing of Forex…