Cyprus, Russia Sign Second Protocol to 1998 DTA

The Cypriot Ministry of Finance Sept. 8 announced the same date signing of a second protocol to the 1998 DTA with Russia. The protocol includes measures to: 1) increase the withholding tax rate to 15 percent on dividend and interest income; 2) exempt certain companies from increased withholding rates, including pension funds, insurance companies, and companies with specific share ratings; 3) exempt withholding tax on interest payments from corporate, government, and euro bonds; and 4) maintain a zero percent withholding tax rate on royalty and rights payments. [Cyprus, Ministry of Finance, 09/08/20]

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