CYPRUS-RUSSIA REACH TAX DEAL

 Cyprus Mail 10 August 2020 - by George Psyllides

Cyprus and Russia on Monday agreed on an amendment of the double taxation treaty between the two countries, according to Finance Minister Constantinos Petrides.

The minister, in Moscow for talks with Russian officials on the DTT, tweeted: “Amendment of the DTT agreed today with Deputy PM Alexei Overchuk. Important and mutually beneficial agreement.”

No details were immediately available.

The Russian finance ministry had announced recently it would initiate the procedure to scrap the double tax treaty with Cyprus from August 3, saying that Cyprus’ proposals on amendments to tax laws were unfeasible.

Moscow and Nicosia had held negotiations on amendments to the DTT with a view of increasing the withholding tax to 15 per cent for dividends and interest payments.