Cyprus will facilitate Russian business initiatives, President assures

Cyprus President Nicos Anastasiades has assured that the government will facilitate every business and investment initiative involving the Russian Federation, speaking at the Conference titled Recent tax developments: Russia � Cyprus and Global Tax Trends hosted by the Cyprus International Business Association and Ernst & Young. He also welcomed a recent agreement between Cyprus and Russia to postpone the implementation of the Protocol amending Article 13 of the Double Tax Treaty with respect to taxes on income and on capital, until the introduction of similar provisions in the bilateral Double Tax Treaties of Russia with other European countries. As a result of that agreement, gains derived by a Cyprus company from sale of shares in a Russian company that owns immovable property in Russia will continue to be taxed only in Cyprus without any taxing right for Russia, as in Cyprus profit from sale of shares is tax exempt.

Source: Cyprus News Agency