Russia and Cyprus will commence talks on amendments to the double taxation avoidance agreement between the two countries next Thursday, a spokeswoman for the Cypriot Finance Ministry told Sputnik on Friday
ATHENS (Pakistan Point News / Sputnik - 19th June, 2020) Russia and Cyprus will commence talks on amendments to the double taxation avoidance agreement between the two countries next Thursday, a spokeswoman for the Cypriot Finance Ministry told Sputnik on Friday.
In early April, the Russian Embassy to Cyprus confirmed that Moscow had sent a letter to the island nation with a request to change the agreement and respond by June 15.
"There was a correspondence between the Cypriot and Russian authorities in May and June, and we agreed on holding talks via a video link. We will start them on June 25," the spokeswoman said, adding that Moscow had agreed to Nicosia's proposal to hold the talks next week.
According to the official, the parties are expecting concrete changes in the double taxation avoidance agreement.
"The changes demanded by the Russian authorities will be discussed. We will see whether there will be any exceptions or whether the text will be finalized with the Russian authorities, or whether a new text will be adopted. We will see what the outcome of the talks will be," the spokeswoman noted.
Commenting on some recent Russian media reports that no agreements were reached during the talks, the official said that she was surprised to read such news, as the sides had agreed to hold the first round of talks as early next Thursday.
In late March, Russian President Vladimir Putin proposed a 15 percent tax on dividends transferred to foreign bank accounts, noting that it would require adjusting Russia's double taxation avoidance agreement with other countries. Putin added that Russia would unilaterally exit any such agreement if its offers were not accepted. Later, Prime Minister Mikhail Mishustin said that Russia had sent to the Cypriot government a letter about said adjustments.
