Russia will revise the Convention for the avoidance of double taxation with Malta. The government approved the draft protocol for the amendments, according to the White House website. This applies to a tax increase of up to 15% on dividends and interest.

      The revision of the agreements began as part of the instructions of Russian President, the government noted. In March, during his address, he noted that companies pay with the help of offshore companies at rates lower than personal income tax. For some companies, exceptions will apply, for them a preferential regime with a 5% rate will be established.

      Earlier, Russia signed a similar protocol with Cyprus. Ratification should take place by the end of 2020, the provisions of the protocol will begin to apply from January 1, 2021. According to the Ministry of Finance, the annual additional revenues to the Russian budget will amount to up to 150 billion rubles. Similar protocols are planned to be signed with Luxembourg and the Netherlands.