News Local Finance minister in Moscow to talk double taxation agreement

Finance minister in Moscow to talk double taxation agreement

 

Finance minister Constandinos Petrides travelled to Moscow today, heading a negotiating team that will aim to bridge differences with Russia on the avoidance of double taxation Treaty, following Russian intentions not to renew it.

According to a finance ministry statement, two day talks will begin tomorrow morning.

Russia unilaterally launched a process of complaint against the treaty last Monday, as announced by the country’s finance ministry, considering that Cypriot proposals on taxation amendments were not realistic or viable.

Negotiations had been on-going on the treaty, in regard to raising the percentage of withheld tax on dividends and interest payments to 15%.

According to Finance Ministry sources, Nicosia will be aiming to continue contacts with Moscow in reaching a settlement, as neither side has officially reached a consensus on deadlock. It is noted that the Cypriot side will exhaust all options in reaching a deal.

Government spokesman Kyriakos Kousios sounded optimistic on the prospects of an agreement. The issue has been discussed during a recent phone conversation between President Anastasiades and his Russian counterpart Vladimir Putin.

Experts in Russia have expressed the view that negotiations on a new taxation agreement will be successful.

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