On 8 September 2020, officials from Cyprus and Russia signed an amending protocol to the 1998 income and capital tax treaty between the two countries. The protocol is the second to amend the treaty and provides for an increase in the withholding tax rate on dividends and interest to 15%, with certain exceptions for regulated entities, such as pension funds and insurance undertakings as well as for qualifying listed companies.
The protocol will enter into force after the ratification instrume…