Double-tax treaty with Russia ‘offers certainty’
On September 8, the Convention for the Avoidance of Double Taxation between the Republic of Cyprus and the Russian Federation was signed by Cyprus Finance Minister Constantinos Petrides and Russian Deputy Minister of Finance Alexey Sazanov. The signing followed a turbulent period of negotiations.
Tax experts say that it is not likely to spark a major exodus of Russian companies from Cyprus, as many had feared. The advantages Cyprus offers to these companies are sufficient to offset the changes that the treaty makes.