MOSCOW, Aug 14 (PRIME) -- Russia and Malta have agreed to increase tax on dividends and interest to 15%, Russia’s Finance Ministry said in a statement on Friday.
“On August 13, 2020, the authorities of Russia and Malta agreed on a draft protocol to amend the Convention between the two states on prevention of double taxation and tax avoidance concerning income taxes… and also agreed to increase tax on dividends and interest to 15%, except for a limited list of institutional investment,” the statement read.
Russian President Vladimir Putin suggested in March imposing a 15% tax on dividend yield withdrawn to accounts in foreign jurisdictions, which would require adjustments to agreements on avoidance of double taxation with other countries. Russia will cancel such deals unilaterally if the agreements are not reached. On Monday, an agreement on the Russian terms of new taxation deal was reached with Cyprus.
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