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.

Most Read News

January 24, 2020

Professional Tax – new tax for Cyprus companies

At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.

May 18, 2020

CRS and FATCA: extension of reporting deadlines

In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.

February 17, 2020

OECD has published a consultation document on the review of Country-by-Country Reporting

OECD released public consultation document that is based upon the mandate set out in the BEPS Action 13 report, and focuses on issues concerning the use of CbC reports by tax administrations for the purposes of a high level transfer pricing risk assessment. The public consultation document [...]

February 24, 2019

Amendments to Cyprus Company Law

The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law.

December 18, 2019

New penalties for late submission of HE32

As we reported earlier, the Cyprus Registrar of Companies has introduced new penalties for the late submission of the Company Annual Return (HE32), effective from the 18th of December 2019. Please note that the deadline for submission of Company Annual Return (HE32) was extended until A [...]

April 23, 2019

As part of AI’s 2019 Leading Adviser Awards Korpus Prava has been recognised as Leading International Tax Planning Lawyer of the Year in Russia

In 2019 Korpus Prava was recognized as a Leading Law Firm in the field of International Tax Planning in Russia.

November 28, 2019

Corporate changes on Cyprus

As of 18/12/2019, further penalties shall apply with regards to the submission of the following Notices to the Department of Registrar of Companies and Official Receiver: Notice of change of Registered Address (HE 2): Every submission beyond the time-frame prescribed by t [...]

April 13, 2020

Communication tools with Korpus Prava specialists

Currently, when most of us work remotely, we would like to inform you once again that all specialists of Korpus Prava remain in touch.