Russian govt approves amendments to tax agreement with Malta, up to 15% tax on dividends, same as with Cyprus
MOSCOW. Sept 11 (Interfax) - The Russian government has approved the draft protocol on amending the convention on the avoidance of double taxation with Malta, and Russian Prime Minister Mikhail Mishustin has signed the corresponding order, the government's press service reported.
The amendments pertain to an increase in withholding tax on dividends and interest up to 15%, the same as with Cyprus with whom Russia was negotiating at the same time. The list of exceptions is similar. The preferential tax regime sets a rate of 5% for institutional investments, as well as for public companies with at least 15% of shares in free float and individuals holding at least 15% of the company's capital during the year.
The Russian government has instructed the Finance Ministry to negotiate with Malta in order to ensure the signing of the protocol on amending the convention on the avoidance of double taxation.
In addition to Malta, the Russian government has also negotiated amendments to the tax agreement with Luxembourg. Negotiations are ongoing with the Netherlands, and the Finance Ministry expects the final position of the Dutch regarding the amendments proposed by Russia by the end of September. The Russian government is also negotiating proposals to amend the respective agreements with Hong Kong and Switzerland.
