The amending protocol to the 1998 income and capital tax treaty between Cyprus and Russia was signed on 8 September 2020. The protocol is the second to amend the treaty and includes the following changes:

• Paragraph 2 of Article 10 (Dividends) is replaced, providing for a standard withholding tax rate of 15%;
• A new paragraph 3 is added to Article 10 (Dividends), providing for a reduced withhold…