Russia and Cyprus: Tax Agreement on New Terms

August 14, 2020

We remind you that on August 3, the Ministry of Finance announced that Russia and Cyprus failed to reach an agreement on changes to the agreement on the avoidance of double taxation (DTT), and the procedure for denouncing the agreement began.

However, on August 10, as part of the negotiations, Cyprus agreed to new conditions that provide for withholding tax at the sources of payment at the rate of 15% for dividends and interest paid from the Russian Federation.

The Protocol should be signed in September 2020 and enter into force on January 1, 2021.

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