Russia surprises Cyprus with move to scrap tax deal

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Russia surprises Cyprus with move to scrap tax...
 © ThemaNews 2020
Russia’s finance ministry said on Monday it would scrap an agreement with Cyprus aimed at avoiding double taxation after talks to modify the deal failed, a decision that surprised Cyprus, which said talks were still under way.

Russia suggested the move could encourage Russian businesses registered on the island to transfer soon-to-be unprofitable holding structures back home. Any significant exodus would be a blow for the Cypriot economy.

The Mediterranean island, with its light regulation, use of English law and double taxation treaty with Moscow, has been an important destination for Russian...


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Russia surprises Cyprus with move to scrap tax deal


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