News Local Cyprus-Russia officials start negotiations in Moscow on double tax agreement

Cyprus-Russia officials start negotiations in Moscow on double tax agreement

Finance Minister Constantinos Petrides is in Moscow for a meeting with high-ranking Russian government officials, as the Cypriot side aims to reach an agreement in relation to the double taxation agreement between the two countries.

Petrides, heading a group of Finance Ministry experts, was set to meet at noon with the Russian delegation.

As CNA learns the Russian delegation will be headed by Deputy Prime Minister Alexei Overchuk and Deputy Minister Alexey Sazanov.

According to the same information, the Cypriot side continues to be cautiously optimistic about the outcome of negotiations, which will continue on Tuesday, with the aim of concluding a deal.

The Russian Ministry of Finance announced that it will initiate the procedure to scrap 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.

The issue was also discussed during a recent telephone conversation between Cyprus’ President Nicos Anastasiades and the Russian President Vladimir Putin.

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