Luxembourg Ratifies Amendments To Tax Agreement With Russia - Russian Finance Ministry

Luxembourg Ratifies Amendments to Tax Agreement With Russia - Russian Finance Ministry

Luxembourg ratified the protocol on amending the agreement on the avoidance of double taxation with Russia, its provisions will enter into force on January 1, 2022, the Russian Finance Ministry said

MOSCOW (Pakistan Point News / Sputnik - 05th March, 2021) Luxembourg ratified the protocol on amending the agreement on the avoidance of double taxation with Russia, its provisions will enter into force on January 1, 2022, the Russian Finance Ministry said..

"Luxembourg completed domestic procedures necessary for the entry into force of the protocol on amending the agreement on the avoidance of double taxation with Russia, which was signed in Moscow on November 6, 2020. Russia received a notification that the partners had completed all ratification procedures for the document. Thus, the protocol will enter into force on March 5, 2021 and its provisions will apply from January 1, 2022," the ministry said.

The protocol provides for an increase in the tax on interest and dividends to 15 percent, with some exceptions for institutional investments, as well as public companies.

Russia completed all the necessary procedures for the ratification of the protocol at the end of 2020.

The changes have so far affected four countries - Cyprus, Malta, Luxembourg and the Netherlands. Russia launched the procedure for denouncing the agreement with the latter.