Island of Aphrodite or the new agreement

11.08.2020 After another negotiation, that took place between Russian and Cyprus parties concerning agreement for avoidance of double taxation between Russian Federation and Cyprus Republic, Cyprus agreed to increase the withholding tax rate to 15 % regarding to dividends and interest. The new changes will be enshrined in the Agreement on the avoidance of double taxation.

The ratification of the Protocol should take place before the end of 2020, and from January 1, 2021, the Protocol will enter into force.

Similar agreements are planned to be concluded with Malta and Luxembourg in the near future, and a response from the Netherlands is also expected.

Source: https://minfin.gov.ru/ru/press-center/?id_4=37146-v_minfine_rossii_proshli_peregovory_mezhdu_rossiei...