Malta, Luxembourg Agree To Raise Tax On Dividends From Russia - Russian Finance Ministry

Malta and Luxembourg generally agreed to the changes in tax agreements proposed by Russia, specifically to raise the tax on interest and dividends coming from Russia to 15 percent, Deputy Finance Minister Alexey Sazanov told reporters

MOSCOW (UrduPoint News / Sputnik - 07th August, 2020) Malta and Luxembourg generally agreed to the changes in tax agreements proposed by Russia, specifically to raise the tax on interest and dividends coming from Russia to 15 percent, Deputy Finance Minister Alexey Sazanov told reporters.

"With regard to Malta and Luxembourg, both countries generally agreed to the conditions proposed by the Russian side. Now there is no longer a need to denounce the agreement on the avoidance of double taxation with Malta," Sazanov said.

He added that negotiations with these countries would be promptly completed after the end of negotiations on a tax agreement with Cyprus.

In late March, Russian President Vladimir Putin ordered a tax of 15 percent on income in the form of dividends transferred to foreign accounts. This requires adjusting agreements with other countries to avoid double taxation. The president warned that Russia would unilaterally withdraw from such agreements with countries that would not accept its proposals.