Belarus Tax Ministry Clarifies VAT Deduction Limitations on Fixed Assets for Crypto-Asset Operators

The Belarusian Ministry of Taxes and Duties Feb. 6 clarified the limitations on deducting VAT for fixed assets held by crypto-asset operators. The clarification includes that: 1) since money and property rights aren’t considered goods under the Tax Code, fixed assets are therefore considered goods for VAT purposes; 2) VAT amounts paid upon the importation of fixed assets related to the mining, creation, placement, acquisition, or alienation of digital tokens cannot be deducted by crypto-asset operators; 3) to determine non-deductible amounts of VAT on fixed assets directly used to carry out activities with tokens, VAT amounts are accepted by direct ...