The procedure for writing off exchange rate differences has been adjusted in Belarus

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 future income (expenses), formed from January 1, 2020, to December 31, 2025. BELTA was informed about this 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 organization, 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 minimize the risks of accumulating exchange rate differences and deteriorating financial performance of organizations 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 recognized as having lost its force.

Source: belta.by