Following the recent visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011.
The new agreement retains the highly favourable tax provisions between the two countries and will strengthen Cyprus’s position as the portal of choice for both inbound and outbound investment between the Russian Federation and the rest of the world.
The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.
