On 19 December 2014, the National Bank of Belarus released Decree No. 786 introducing a tax on the purchase of foreign currency by legal entities and individual entrepreneurs. The rate of the tax was initially 30%, but was later reduced to 20% through an additional decree on 27 December 2014.

The new tax applies at the rate of 20% from 1 February 2015. It will not apply for foreign currency pu…