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:

Germany Opposed the Resumption of the G8 with Russia
Petersburg Stopped Accepting Aircraft from the European Union Due to Coronavirus
Russian Party has Agreed to Open the Austrian Consulate General in St. Petersburg
The Estonians Who Want to Visit Their Relatives in the Russian Federation will Receive Compensation for Visa Expenses
US Called on Russia to Conduct a Transparent Investigation of the Situation with Navalny

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
aircraft  Film Distribution  Megafon  cloud computing  Russian courts  Painting  Mercedes-Benz Fashion Week Russia  Ivan Kalita  Russian tourism  Russian regions  Khoomei  Moscow  TNK-BP  weapons  Elina Bystritskaya  Chukotka  Islamic Art  St. Petersburg  Viktor An  Alexey Navalny  Kremlin  International space station  environment  foods import ban  Kirov Region  Russian business  Nicholas I  Victor Popkov  Jazz Seasons Festival  Museums of Novosibirsk  Russian academy of sciences  St. Petersburg attractions  Gourmet Tours  Arkhangelskoye  Exhibitions in Moscow  Vladimir Etush  MARS Modern Art Center  Book Tickets for Concerts  Moscow parks  Festivals in Moscow  Pussy Riot case  Russian television  Russian ballet dancers  Sochi Winter Olympics  travel to Russia  Russian football  Arts and Crafts  Darwin Museum  Great Lent  Russian Cinema 

Travel Blogs
Top Traveling Sites