Conducting business with companies from offshore zones provides for additional obligations for Belarusian counterparties and requires certain control.
For example, the British Virgin Islands, Montserrat, the Republic of Maldives, the Principality of Andorra, the Principality of Liechtenstein, the Republic of Montenegro and others are recognized as offshore companies. However, for example, Cyprus and the Netherlands are not recognized as thereof.
The offshore duty rate is 15% of the amount that is transferred to a non-resident (monetary obligation) or of the contract price (non-monetary obligation).
Nevertheless, it is not required to pay such a duty for any interaction with a non-resident of offshore zones. It is not required to pay it when returning to an offshore company funds previously received as a credit or loan, when making payments under contracts for the carriage of goods by sea and under transport forwarding contracts, in some cases, when changing persons in the obligation.
NB! : without the listed offshore duty, the Belarusian bank shall not make a payment in regard to an offshore company or an account opened in an offshore zone.