CYPRUS and Russia have decided to amend Protocol to the DTAA It is intended that the amended tax treaty should be effective from January 1, 2021.

It has now been agreed that the withholding tax rate on dividend and interest payments will be amended to 15%, with provision for certain exceptions, which are:

- certain regulated entities;

- listed companies with specific characteristics.

It was also stated that no withholding tax shall be applicable on interest payments arising on listed corporate bonds, government bonds and Eurobonds.

It is important to remember that Cyprus withholding tax rates will remain at 0%, on both dividend and interest payments to non-residents.