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Russia's Cabinet Approves Maltese DTA Amendments

by Lorys Charalambous, Tax-News.com, Cyprus

22 September 2020


Russia's Government has approved wording for a draft Protocol that it will seek to conclude with Malta, to revise their double tax agreement to increase withholding tax rates at source for cross-border dividends and interest income.

The terms are set out in Russian in Order No. 2291 of September 9, 2020, which has been approved by Russia's Cabinet.

In line with the Protocol signed with Cyprus on September 8, 2020, Russia will seek to increase the withholding tax rate on dividends and interest income to 15 percent. A reduced five percent rate will apply in exceptional circumstances, the Russian Government said.

Russia is reviewing its network of double tax agreements to identify those agreements that do not permit taxation at source of dividends and interest income at at least a 15 percent rate. Malta and Luxembourg have already agreed to amend their pact with Russia and negotiations are said to be ongoing with the Netherlands. The Russian Government has said it intends to launch similar negotiations with Switzerland and Hong Kong.

TAGS: Russia | tax | Malta | Netherlands | interest | Luxembourg | agreements | transfer pricing | tax rates | withholding tax | Cyprus | Hong Kong | Switzerland | dividends | BEPS

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