MOSCOW, Sep 11 (PRIME) -- The Russian government has approved a draft protocol of amendments to a double taxation avoidance deal with Malta raising the tax on dividends and interest to 15%, according to a statement by the government released on Friday.
"The government has approved a draft protocol to introduce changes to a double taxation avoidance convention with Malta. The adjustments cover a tax at source of payment for the dividends and interest to 15%. The order was signed by Prime Minister Mikhail Mishustin," the statement read.
In March, Russian President Vladimir Putin suggested imposing a 15% tax on dividend yields withdrawn to accounts in foreign jurisdictions, which needs adjustments to agreements on avoidance of double taxation with other countries. Russia will cancel such agreements unilaterally if consensus is not reached.
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