Amending Protocol to Tax Treaty between Cyprus and Russia has Entered into Force

The amending protocol to the 1998 income and capital tax treaty between Cyprus and Russia entered into force on 15 January 2021. The protocol, signed 8 September 2020, 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 withholding tax rate of 5% if the beneficial owner of the dividends:
  • is an …