In accordance with amendments to the Tax Code, which entered into force on 1 January 2014, banks are required to submit certain client-related data upon a written request of the tax authorities (Law of the Republic of Belarus of 31 December 2013 No. 96-Z).
In particular, this includes information about accounts and deposits held with a bank, account and deposit balances, specific transactions, operations without opening an account, property deposited with a bank, as well as account and deposit statements.
In respect of individuals, banks are required to provide information about loans made and repaid, deposits held with a bank, interest on deposits accrued and paid as well as deposit statements. The specified information is subject to disclosure if an individual that filed an income declaration indicated these funds as a source of funds used to acquire property.
Previously, banks did not provide information about borrowers and depositors upon the tax authorities’ requests, referring to bank secrecy.