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Negotiations on Cyprus-Russia Douple Tax Treaty to take place on 10-11 August

04/08/2020 09:40

Negotiations regarding the agreement between Cyprus and Russia for the avoidance of double taxation have been scheduled to take place on the 10th and 11th of August, headed by the Minister of Finance Constantinos Petrides, the Ministry of Finance said on Monday in a press release.

Cyprus seeks to continue dialogue and reach an agreement, regarding the double tax agreement with Russia, sources of the Cypriot Ministry of Finance told CNA earlier today.

“Officially we did not agree on a deadlock”, the sources pointed out, adding that Cyprus was exhausting all possibilities to reach an agreement through diplomatic and political contacts, but there is still no result.

The same sources stated that the contacts are continuing and that the Cypriot side is seeking a meeting on the issue.

“Cyprus now expects from Russia. We have put forward some positions and we seek to continue our communications and reach an agreement since we did not officially agree on a deadlock", the sources of the Ministry added.

Russian Ministry of Finance announced Monday that it will initiate denunciation of the double tax agreement with Cyprus from August 3, saying that Cyprus’ proposals on amendments to tax laws are unfeasible.

The Russian Finance Ministry held negotiations with the Cyprus’ Ministry of Finance on amendments to the Russian-Cypriot double taxation agreement in respect of increasing the withholding tax to 15% for dividends and interest payments.