The Ministry of Finance announced an agreement with Cyprus on a tax agreement

This is stated in a message published on the website of the department.

It is noted that during the negotiations "the Republic of Cyprus agreed to the conditions of Russia on amending the Russian-Cypriot agreement on the avoidance of double taxation in terms of increasing the withholding tax to 15% in respect of dividends and interest."

According to Deputy Prime Minister Alexei Overchuk, "The Cyprus delegation fully agreed with the terms of the Russian side."

“We have initialed the draft protocol, which is to be signed in September 2020,” Overchuk said.

The Ministry of Finance said that the ratification of the protocol should take place by the end of 2020, and it will enter into force on January 1, 2021.

Earlier, the Deputy Minister of Finance of Russia Alexei Sazanov reported that the Russian side during negotiations with Cyprus on August 10-11 will again propose to revise the tax rates on interest and dividends to 15%.