Classification of bank deposits changes in Belarus

12.11.2015
Irrevocable bank deposits will be introduced starting 12 November. Irrevocable bank deposits, in which early repayment on the initiative of the depositor is not provided, will be introduced starting 12 November, according to a decree on attracting funds in deposits signed by President of Belarus Alexander Lukashenko yesterday. The decree provides for changes in the classification of bank deposits. The main feature of irrevocable and revocable deposit contracts will be conditions of the early return of the deposit. Interest income on short-term bank deposits will be subject to income tax from 1 April, 2016. As noted by the National Bank, the approaches to classifying bank deposits fully comply with international practices.
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