OREANDA-NEWS. January 27, 2012. Belarus is introducing a new regulation in 2012, which makes it mandatory for individual taxpayers to declare credits and loans borrowed from foreign persons or institutions, a senior official of the Tax Ministry of Belarus told a press-conference on Wednesday.

The rate of the income tax now stands at 12% in Belarus.

The new regulation does not apply to loans, credits and allowances from close relatives.

After the loans get repaid, the tax will be refunded to the taxpayer.

Belarus’ republican budget scooped Br8.023 trillion in incomes tax from individual taxpayers (USD 957.4 million at the rate of the National Bank of Belarus), 3.3% of the GDP. As of January 1, 2012 some 3 million people were eligible to income tax in Belarus.