Talks between Russia and Cyprus (the Parties) over the double taxation treaty have resulted in agreement to leave the current treaty in force, but to make amendments to increase withholding tax rates for dividends and interest to 15%.
The Parties also have agreed maintain tax benefits for regulated entities, public companies (where they meet specific criteria) and certain kinds of bonds. The current relief for royalties is also set to be preserved. The Parties initialed a draft protocol (i.e., th…