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Cyprus Tax Update

09 February 2017

Postponement of the application of the Protocol amending Article 13 “Capital Gains” of the Cyprus – Russia Tax Treaty

The Ministry of Finance has announced recently that an agreement has been reached between 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 Cyprus and Russia.

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

It is expected that the revised provisions of Article 13 as per the protocol will be deferred until similar provisions are introduced in other bilateral Agreements for the Avoidance of Double Taxation between the Russian Federation and other European countries.

 

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