Cyprus Finance Ministry Not Notified Of Russia's Decision To Denounce Double Taxation Deal

ATHENS (UrduPoint News / Sputnik - 03rd August, 2020) The Cypriot Finance Ministry has not yet been notified of Russia's decision to denounce the double taxation avoidance deal and believes that the decision will have negative consequences, a spokeswoman for the ministry told Sputnik on Monday.

"We are not aware of the plans to break the agreement. We are still waiting. I see no reasons to terminate the deal. We have exchanged e-mails and we remain optimistic," the Cypriot Finance Ministry's spokeswoman said.

"We are engaged in negotiations, and we have not received the decision on terminating [the agreement]," the spokeswoman added.

The termination of the deal will not bring any positive results to either Russia of Cyprus, the spokeswoman expressed the belief.

"In this case, taxation will no longer be covered by the deal, it will be regulated by different tax agencies, which does not promote investors' confidence. This will have negative consequences for both countries," the spokeswoman said, adding that Cyprus wants to avoid deal termination and is now in talks with Russia.