PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of May 25, 2021 No. 196

About services of online borrowing and leasing activities

For the purpose of increase in availability of financial services and protection of the rights of their consumers, and also forming of conditions for further development of entrepreneurship and business initiative:

1. Determine that:

1.1. in the Republic of Belarus (further - the loan agreement) and the agreements signed in ensuring obligation fulfillment according to the loan agreement (further - the agreement in ensuring obligation fulfillment), by means of online borrowing services * only operators of services of online borrowing have the right to perform activities for creation of conditions for the conclusion and execution of loan agreements of money.

Implementation by other persons of the activities specified in part one of this subitem is illegal and is forbidden;

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* For the purposes of this Decree terms and their determinations are applied according to appendix 1.

1.2. the income tax from physical persons from the loan amounts provided to physical persons by means of online borrowing service is not estimated:

Belarusian organizations;

Belarusian individual entrepreneurs;

the foreign organizations performing activities in the territory of the Republic of Belarus through permanent mission;

the representative offices of the foreign organizations opened according to the procedure, established by the legislation of the Republic of Belarus;

tax authorities in the cases established in subitem 1.2 of Item 1 of article 220 of the Tax Code of the Republic of Belarus;

1.3. performed by the physical persons who are not acting as individual entrepreneurs, activities for provision by means of services of online borrowing of loans are not business activity;

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