Cyprus Finance Ministry satisfied over update of Avoidance of Double Taxation Treaty with Russia

Cyprus' Finance Ministry has expressed satisfaction over the conclusion on August 10, after extensive negotiations, of the updating of the Treaty for the Avoidance of Double Taxation between the Republic of Cyprus and the Russian Federation.

A press release issued by the Ministry said that the Russian side demanded the amendment of two fundamental articles of the Treaty, so as to increase the tax on incomes from dividends and from interests to 15% respectively.

The Cypriot side secured, among others, the exception from the tax withheld of a type of regulated entities as pension funds and insurance companies, as well as listed companies with a specific shareholder classification.


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from Cyprus News Agency
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