article banner

Russia increases dividend tax for Malta, Cyprus and Luxembourg

Following instructions from President Vladimir Putin, the Russian Minister of Finance has notified the finance ministries of Malta, Cyprus, and Luxembourg about the introduction of amendments into bilateral double taxation agreements in respect of increasing the rate of the tax on dividend and interest gains to 15%.

Such amendments do not apply to interest gains paid on Eurobond loans, bond loans of Russian companies, and loans extended by foreign banks. Relevant payments from Russia will be governed by the Russian fiscal law.