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The Finance Ministry of Russian Federation Intends To Sign A Protocol On The Tax Agreement With Luxembourg In September

The Finance Ministry of Russian Federation Intends To Sign A Protocol On The Tax Agreement With Luxembourg In September

The Ministry of Finance of the Russian Federation plans to sign a Protocol on changing the tax agreement with Luxembourg by the end of September, said state Secretary-Deputy Finance Minister Alexey Sazanov.

"We have already signed a Protocol on Cyprus, and now it will be ratified. For Malta, too. We will sign the Luxembourg agreement by the end of September, I hope," he told reporters.

Russian President Vladimir Putin in late March ordered a 15% tax on income in the form of dividends and interest transferred to accounts abroad. That requires adjustment of agreements with other countries to avoid double taxation. The President warned that Russia would unilaterally withdraw from such agreements with countries that do not accept its proposals.

The Ministry of Finance of the Russian Federation sent relevant notifications first to Cyprus and then to Luxembourg, Malta, and the Netherlands. Russian Deputy Prime Minister Alexey Overchuk said in early August that the same proposals could be sent to Switzerland and Hong Kong.

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