On 1 October 2026, the Ministry of Finance of the Republic of Belarus published the official calculation prices for precious metals accepted into the State Fund of Belarus. These prices serve as the statutory valuation benchmark for determining the tax base for mineral extraction tax, value-added tax (VAT) on domestic transactions, and customs duties on imported precious metals. The decree applies to gold, silver, platinum, and palladium in raw and refined forms, and is issued in accordance with Article 15 of the Law on Precious Metals and Precious Stones (No. 261-Z). The new rates replace the previous quarterly pricing mechanism and aim to align domestic valuation with the London Bullion Market Association (LBMA) afternoon fix, adjusted for transport and insurance costs.
Key Takeaways
- Unified Valuation Standard: The Ministry has established a single methodology for calculating acceptance prices, eliminating discrepancies between customs valuation and tax accounting that previously led to disputes with the State Customs Committee.
- Quarterly Revision Cycle: Prices will be updated on the first business day of each quarter, with the next revision scheduled for 1 January 2027. Taxpayers must use the rates in force on the date of metal acceptance into the State Fund or the date of taxable supply.
- Compliance Impact: Mining enterprises, refineries, and banks dealing in precious metals must recalibrate their ERP systems to apply the new prices for VAT invoicing and mineral extraction tax returns starting with the October 2026 reporting period.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement