“Russia has received a notification that the partners have completed all the ratification procedures for the document.
Thus, the protocol will enter into force on March 5, 2021 and its provisions will apply from January 1, 2022, ”the press release says.
The Ministry of Finance recalled that Russia completed the procedures for ratifying the protocol at the end of 2020, when the document was signed by Russian leader Vladimir Putin.
The protocol to amend the tax agreement with Luxembourg, signed by the parties in early November 2020, provides for an increase in the withholding tax rate to 15% on dividends and interest.
At the end of March, Russian President Vladimir Putin ordered to increase the tax on the transfer of dividends and interest to foreign accounts to 15% from 2021.