Taxation Issue of Russian Real Estate in Cyprus Resolved

Successful was ultimately the outcome that was raised with the intention of Russia to tax profits from properties even if they belonged to a company that was registered in another country.

According to InBusinessNews sources, after intervention at a senior government level, the measure will not be applied on January 1. Negotiations will commence on concluding on an agreement for a new memorandum of understanding with regard to this issue.

In the announcement the Treasury notes that agreement has been reached between the Russian and Cypriot authorities to suspend application of the Protocol amending Article 13 of the Agreement between the Republic of Cyprus and the Russian Federation for the Avoidance of Double Taxation with respect to taxes on income and on capital, signed on 7/10/2010.

Meanwhile, a supplementary protocol is said to being prepared in which the revised provisions of Article 13 of the above Agreement will be suspended until the introduction of agreed provisions in other bilateral agreements on the Avoidance of Double Taxation with other European countries. Cyprus-Russian Business Association Satisfied from the Result The Cyprus-Russian Business Association welcomes the announcement of the Ministry of Finance.

According to a press release, the President of the Cyprus-Russian Business Association, Evgenios Chr. Eugeniou welcomed the agreement between the Russian and Cypriot Authorities, which confirms the longstanding ties between the two countries, and the confirmation of Cyprus as a competitive Business Center.

He added that the Cyprus-Russian Business Association has made significant efforts to resolve the issue. "On behalf of the Cyprus-Business Association, we would like to warmly thank the President the Republic, the Minister of Finance, Foreign Minister, Government Spokesman, our Ambassador in Russia, the Russian Ambassador to Cyprus and the Special Presidential Envoy of the Republic of Russia Sotos Zackheos for their relentless effort to reach this agreement, "the statement concludes.



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