• Cyprus removed from the Russian Black List


    On 31 October 2012, The Russian Ministry of Finance published its amended Black List which did not include Cyprus. The amended Black List will have an effect as of 1 January 2013.

    The most important effect on this amendment on Cyprus is that dividends paid from a Cyprus company to its Russian parent will be exempt from taxation in Russia subject to holding requirements i.e. the recipient of the dividends owns at least 50% of the capital of the company paying the dividends or owns depository receipts entitling it to receive at least 50% of the total amount of paid dividends and the shares or depository receipts have been owned for at least 1 year on the day dividends are declared.

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