Postponement of application of Protocol amending Article 13 of the Cyprus – Russia Treaty

Author: Multilysis Services Limited
Date: 2017-02-14

The Ministry of Finance has announced on the 29th of December 2016 that an agreement has been reached between the Governments of Cyprus and Russia for postponing the application of the protocol which was signed on the 7th of October 2010, which amends Article 13 of the Double Tax Treaty 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.

The amendment passes the taxing rights in respect of capital gains from the sale of shares of companies, (the value of which derives more than 50% from immovable property) to the country where the immovable property is situated.

The revised provisions of Article 13 as per the Protocol will be postponed until similar provisions are introduced in other bilateral Agreements for the Avoidance of Double Taxation between Russia and other EU countries.

For more information on Postponement of application of Protocol amending Article 13 of the Cyprus – Russia Treaty.

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