Russian Finance Ministry Starts Denouncing Double Taxation Avoidance Deal With Cyprus

Mohammad Ali (@ChaudhryMAli88) Published August 03, 2020 | 03:10 PM

Russian Finance Ministry Starts Denouncing Double Taxation Avoidance Deal With Cyprus

MOSCOW (UrduPoint News / Sputnik - 03rd August, 2020) The Russian Finance Ministry announced on Monday that it was launching the procedure of denouncing its agreement with Cyprus on avoiding double taxation.

"To fulfill the order by Russian Federation President [Vladimir Putin] on taxation of income in the form of dividends and interest paid from the territory of the Russian Federation to the Republic of Cyprus at the 15 percent rate, the Russian Finance Ministry launches, starting August 3, the procedure to denounce the agreement," the ministry said in a statement.

From 2018-2019, Russian tax payers have transferred to Cyprus over 3.3 trillion rubles ($44.6 billion), the Finance Ministry noted.

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