Russia Turns Sights To Switzerland, Hong Kong Treaties
by Ulrika Lomas, Tax-News.com, Brussels
18 August 2020
Russia's double tax agreements with Hong Kong and Switzerland are next on the radar for authorities in Russia, who are seeking to ensure the country can subject to at least 15 percent withholding tax outbound dividends and interest payments.
In televised comments during a meeting with Russian Prime Minister Vladimir Putin, Deputy Prime Minister Alexei Overchuk said authorities are reviewing Russia's network of double tax agreements to identify those that do not permit taxation at source at at least a 15 percent rate.
Already, the Russian Government has negotiated to increase withholding tax rates in the agreement with Cyprus, having earlier threatened to withdraw from the deal. After reaching that compromise, Russian Deputy Finance Minister Alexey Sazanov said: "In the coming month, we also plan to complete negotiations with Luxembourg and Malta on the same terms as we offered Cyprus."
The Russian Ministry of Finance further stated: "Russia is also awaiting an official response from the Netherlands to directed proposals to revise the tax agreement in the coming weeks. If the Netherlands agrees to negotiate, they will be offered the same conditions as the Republic of Cyprus."
In his televised comments, Overchuk said the Russian Government has yet to receive a response from the Dutch Government but would follow up with it if necessary.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »