Russia, Malta Sign Double Tax Agreement Protocol

by Lorys Charalambous, Tax-News.com, Cyprus

20 October 2020

The Russian Government has announced the signing of a double tax Protocol with Malta, to increase the amount of tax that Russia may collect at source on cross-border payments of dividends and interest to 15 percent.

The Russian Government said the ratification of the Protocol must take place before the end of this year, so that its provisions begin to apply from January 1, 2021.

Russia said the amendments to the agreement with Malta are in line with those agreed previously with Cyprus, including a withholding tax exemption for interest payments from corporate bonds, government bonds, and Eurobonds.

Commenting on the new deal with Malta, signed on October 1, 2020, Russia's Deputy Finance Minister, Alexey Sazanov, said: "Today we have taken another step in the fight for the Russian tax base. I would like to thank my colleagues from Malta for the high level of cooperation and constructive dialogue. Now we are working on amendments to tax agreements with other jurisdictions. The next signing of a similar agreement is planned with Luxembourg. Negotiations with the Netherlands are ongoing."

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