Treaty between Russia and Cyprus – Russian MoF clarifies tax treatment applicable to capital gains derived from sale of investment units

Recently, the Ministry of Finance published Letter No.03-08-05/46038 issued on 29 October 2013 clarifying the tax treatment applicable to the income received by a Cypriot company from the sale of investment units held in a closed mutual investment fund whose assets include immovable property located in Russia.
The Ministry of Finance pointed out that in principle any payments for the investment units held in mutual investment funds or similar collective investment vehicles shall be treated as di…