Russia has reached an agreement with Cyprus and Malta that the tax rate for dividends and interests will be increased up to 15%. Corresponding amendments into conventions on double taxation are expected to enter into force on January 1, 2021.
Negotiations on increase of the tax rate are in progress with Luxembourg and the Netherlands. Russia would like to discuss the same issue with Switzerland and Hong Kong.
Increased tax rates are expected to provide Russian budget with additional income of up to 150 billion rubles a year.
#mlegal #russia #law #doubletaxation #offshore