During the period from September to November 2020 the Russian Ministry of Finance agreed to raise the dividend and interest tax rates provided for in the double taxation treaties with Cyprus, Luxemburg and Malta. In December 2020 the Ministry of Finance also declared the planned denunciation of the double taxation treaty with the Netherlands and the renegotiation of the agreements with Hong Kong and Switzerland.

Earlier, in autumn 2020 the Russian Ministry of Finance had already agreed on the amendments to the double taxation treaties with Cyprus, Luxemburg and Malta raising the withholding tax up to 15% with respect to dividends and interest.

Similar negotiations on raising tax rates were held with the Netherlands, but they were unsuccessful. For this reason, the Russian Ministry of Finance published the information on Russia’s preparation for the denunciation of the Double Taxation Treaty with the Netherlands.

According to the available data, the Russian Government is also planning to negotiate on the alteration of the Double Taxation Treaties with Hong Kong and Switzerland.