Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russia and Cyprus Signed a Protocol to Amend the Tax Agreement
12.09.2020 15:16
Russia and Cyprus Signed a Protocol to Amend the Tax Agreement

Russia and Cyprus signed a protocol on the avoidance of double taxation between the countries. The document was signed by the State Secretary - Deputy Minister of Finance of Russia Alexey Sazanov and Minister of Finance of Cyprus Konstantinos Petridis. The ceremony took place as part of the visit of the Russian delegation led by Foreign Minister Sergei Lavrov to Nicosia.

"The protocol defines a list of exceptions, according to which the application of a preferential treatment for income in the form of dividends and interest will be provided, setting the tax rate at no more than 5%," the Ministry of Finance of Russia said in a statement.

      Exceptions are provided "for institutional investments, as well as for public companies, at least 15% of which are in free float, and owning at least 15% of the capital of the company that pays the specified income during the year." The ratification of the protocol should take place by the end of 2020, the provisions of the protocol will begin to apply from January 1, 2021.

      The day before, on September 7, the government approved and published a draft protocol on changing the tax agreement with Cyprus. The document was developed on behalf of President Vladimir Putin. The Ministry of Finance was instructed to negotiate with the Cypriot side and sign an agreement. According to the Ministry of Finance, if the new agreement is applied, the annual additional revenues to the Russian budget will amount to 150 billion rubles. Similar protocols are planned to be signed with Malta, Luxembourg and the Netherlands.


Author: Anna Dorozhkina

Tags: Russia International Russian Laws    

Next Previous

You might also find interesting:

The US Court Suspended the Consideration of the Claim of the Ex-Yukos Shareholders against Russia
Argentina will Start Vaccinating Residents with the Russian Vaccine against Coronavirus in December
Foreign Students may be Allowed to Enter Russia
A Hotel Room Rental Service for Remote Employees Launched in Russia
Germany Opposed the Resumption of the G8 with Russia

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Saveli Sorin  Exhibitions in Moscow  Gagarin Cup  Russian tourism  Aeroflot  Saint Petersburg Museums  Russian festival  Nizhny Novgorod Region  Russian sculptures  Basketball  Science and Technology  Censorship  Festivals in Moscow  Russian aviation  Russian hockey  Skolkovo  Festivals in St. Petersburg  Mercedes-Benz Fashion Week Russia  Russian regions  Gazprom  Moscow  funny pictures  Pangolins  travel to Russia  obituary  Russias GDP  Leo Tolstoy  Tsarskoye Selo   Alexander Pushkin  Perm  train tickets Russia FIFA  Olympic Games 2012  Moscow Metro  Pousadebnoe Koltso  Lev Durov  Wi-Fi in Public Transport  Ice Palace  Russian business  Russian Cinema  Mermeriny  Vocie Tapping  Multimedia  Tver  Active Travel  Interethnic Conflicts  Sports  accommodation in Russia  Ukraine crisis  St. Petersburg  statistics 

Travel Blogs
Top Traveling Sites