Russia, Cyprus To Hold Last-Ditch Talks On Monday In Bid To Avoid Double Taxes

MOSCOW (Pakistan Point News / Sputnik - 10th August, 2020) Russian and Cypriot financiers will begin a two-day meeting on Monday in an effort to end a stalemate over Russia's proposal to revise the deal on double taxation.

Russian President Vladimir Putin said in March his country would tax dividends and interest payments made to offshore entities at 15 percent. All bilateral deals on double taxation avoidance need to be updated, failing which Russia will exit them unilaterally.

A spokesman for the Russian Finance Ministry said last week that Russia was to exit the deal with Cyprus � the main destination of offshore payments from Russia � after it refused to increase the minimum tax rate for Russian companies that have a Cypriot parent.