News Local Crucial Cyprus-Russia double tax treaty talks set for August 10

Crucial Cyprus-Russia double tax treaty talks set for August 10

Crucial negotiations on the avoidance of double taxation between Cyprus and Russia are scheduled for August 10 and 11, and will be headed by Minister of Finance Constantinos Petrides.

This is what the Ministry of Finance said in a press release late on Monday.

Cyprus seeks to continue dialogue and reach an agreement on the crucial agreement, insiders told CNA.

“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.

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