Update on CY — RUS tax treaty
Postponement of application of Article 13 “Capital Gains” of the double tax treaty between Cyprus and Russia.
The related article relates to taxes on gains on sale of shares of companies that derive more than 50% of their value from investment property. As per the double tax treaty from 01.01.2017 each contracting state could impose tax on such profits. The application of the article has been postponed until similar provisions are introduced in other bilateral Agreements for the Avoidance of Double Taxation between the Russian Federation and other European countries.
See below the announcement of the Cyprus Ministry of Finance