Russia Begins Process to Terminate Tax Treaty with Cyprus

The Russian Ministry of Finance has issued a release announcing that it has begun the process for the termination of the 1998 tax treaty with Cyprus.

Earlier in the year, the Ministry was instructed by the president to review treaties providing for a withholding tax rate lower than 15% on dividend and interest income and approach treaty partners for revision negotiations to achieve minimum taxation of 15%. In this respect, the release notes that negotiations were recently held with Cyprus, …