Sat, 6 September
31.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Russia to scrap taxation agreement with Cyprus

YEREVAN, August 4. /ARKA/. Russia said on Monday it would initiate a process to scrap an agreement with Cyprus aimed at avoiding double taxation, the Russian Finance Ministry said on Monday, TASS reported.

“The Russian Finance Ministry starts the agreement denouncing procedure to fulfill the assignment of the Russian President on taxation of incomes in the form of dividends and interest paid from the territory of the Russian Federation to the Republic of Cyprus at the rate of 15%,” the Ministry says.

The Russian Finance Ministry considered Cyprus’ proposals on amendments to tax laws as unfeasible, the Ministry said.

“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. Cyprus put forward its proposals during talks. Having analyzed them, the Russian Finance Ministry arrived at a conclusion that they essentially dilute and make unfeasible the anticipated effect of the Russian side from undertaken measures to support the national economy and social programs, and will promote tax-free withdrawal of huge financial resources of Russian origin from the territory of Russia through the jurisdiction of Cyprus,” the Ministry added. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img