On December 20, President of Belarus Alexander Lukashenko signed Decree No. 430, which adjusts, from January 1, 2023, the procedure for writing off exchange rate differences, accounted for in income (expenses) of future periods, formed from January 1, 2020, to December 31, 2025. This was reported to BELTA by the press service of the Belarusian leader.
The document, in particular, establishes the monthly recognition of positive and negative exchange rate differences as income and expenses in equal amounts, which will ensure their uniform inclusion in the taxable base for profit tax. It also provides for the monthly write-off of exchange rate differences remaining after such recognition to income (expenses) from financial activities in the amount determined by the head of the organisation, but not less than 1/36 of the remaining amount.
The decree will reduce the impact of exchange rate differences on the financial results of economic entities, simplify their accounting, and minimise the risks of accumulating exchange rate differences and deteriorating the financial performance of organisations by the end of 2025.
Decree No. 159 of May 12, 2020, "On the recalculation of the value of assets and liabilities," which currently regulates these issues, is hereby recognised as having lost its force.
Source: belta.by