Russian-Cypriot talks were attended by head of the Russian delegation – Deputy Prime Minister Alexei Overchuk and State Secretary – Deputy Finance Minister Alexei Sazanov. The Cyprus delegation was led by Minister of Finance Constantinos Petrides.
As part of the talks, the Republic of Cyprus agreed to the terms of the Russian Federation on amending the Russian-Cypriot Double Taxation Treaty in terms of increasing the withholding tax to 15 percent on dividends and interest.
“The talks were constructive in nature, which corresponds to the level of relations between our countries. The Cypriot delegation fully agreed with the terms of the Russian side. We have initialed the draft protocol to be signed in September 2020,” Alexei Overchuk said.
The protocol is to be ratified before the end of 2020, and will enter into force on 1 January 2021.