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Russia Ratified Tax Agreement with Cyprus
22.12.2020 18:40
Russia Ratified Tax Agreement with Cyprus

The State Duma at a plenary meeting ratified tax agreement with Cyprus. The tax on dividends and interest increases to 15%. Russia and Cyprus signed a protocol on amendments to the intergovernmental agreement on the avoidance of double taxation on September 8. The base tax rate for the payment of dividends and interest by Russian companies to Cyprus is increased to 15%, but there is also a preferential regime that sets the tax rate at no more than 5%. Exceptions may apply “for institutional investments, as well as for public companies with at least 15% of shares in free float and holding at least 15% of the capital of the company paying the specified income during the year”.

      There is no progress in negotiations with the Netherlands on revising the tax agreement yet. The Russian government earlier in December approved the ratification of the protocol amending the tax agreement with Luxembourg. The protocol to raise the rate to 15% was signed in Moscow on November 6.

Author: Anna Dorozhkina

Tags: Russia International     

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