• Cyprus removed from the Russian Black List

    01-11-2012

    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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