Cyprus: Christodoulides contacts Lavrov to review Double Tax Treaty

Cyprus: Christodoulides contacts Lavrov to review Double Tax Treaty

Cyprus Minister of Foreign Affairs Nikos Christodoulides had a phone communication with his Russian counterpart Sergey Lavrov on Friday.

During their talks, the two Ministers discussed the bilateral relations of the two countries, exchanging views on the recent proposal by the Russian Federation to the Republic of Cyprus to renegotiate specific terms of the Double Taxation Avoidance Treaty between the two countries, with the purpose of increasing the withholding tax on dividends and interests at 15% from 5%, 10% and 0% respectively currently in force.

Sergey Lavrov informed Nikos Christodoulides that this proposal by the Russian Federation was part of a decision to change specific terms that apply to all Double Tax Treaties the Russian Federation has signed with EU member states. In this context, similar proposals will be sent to all Member States of the European Union with which the Russian Federation has concluded Double Tax Treaties that are still in force. /ibna