15 Март 2012

Russian Duma Ratified the Cyprus-Russia Protocol

On 15th of February 2012, the Russian Duma has ratified the amending Protocol of the Cyprus-Russia Double Tax Treaty. The Protocol, which needs to be signed by the Russian President, will come into force on 1st January 2013 with certain provisions becoming effective as from January 2017.

The Double Tax Treaty between Cyprus and Russia was signed in 1998 and the amending Protocol in October 2010 and subsequently ratified by the Cyprus government in August 2011.

It is expected that the ratification of the Protocol will remove Cyprus from the Russian «black list». The removal will enable Russian companies to take advantage of the tax exemption on dividends paid from Cyprus subsidiaries and received from the Russian parent companies. This will create new opportunities for Russian investors and further improve the position of Cyprus as a prime business gateway for investments particularly to Europe, Middle East and Africa regions.

Please contact our offices for more information regarding the Cyprus-Russia Double Tax Treaty and the amending Protocol as well as for any advice you may require.

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