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26 Jun 2015

Belarus-U.S. agreement on tax regulations ratified

MINSK, 26 June (BelTA) – The House of Representatives of the National Assembly of Belarus passed a draft law on the ratification of the agreement between the governments of Belarus and the United States concerning the observation of international tax regulations and the implementation of the U.S. Foreign Account Tax Compliance Act on 26 June, BelTA has learned.

The agreement was signed in Minsk on 18 March 2015. The United States has already signed such documents with over 60 countries. Thanks to the agreement, Belarusian financial institutions which will submit their reports to the Internal Revenue Service of the United States will not have to pay income taxes in certain conditions.

The agreement also specifies conditions for directing inquiries to the authorized bodies of Belarus by U.S. agencies in order to get information about corresponding U.S. accounts. This practice will help prevent small and administrative errors.

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