Cyprus / Russia Tax Treaty and Protocol - Postponement
The Ministry of Finance of the Republic of Cyprus published on 29 December 2016 an announcement in relation to the Protocol amending Article 13 “Capital Gains” of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation with respect to taxes on income and on capital which was signed on 7 October 2010 (the “DTTA”).
The announcement confirmed that an agreement has been reached between the Russian and the Cypriot authorities postponing the application of the Protocol amending Article 13 of the DTTA.
The announcement further stated that, in parallel, an additional Protocol is being finalised, with respect to the application of the revised provisions of Article 13 of the DTTA, until similar provisions are introduced in other bilateral Double Tax Treaty Agreements between the Russian Federation and other European countries.
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