Russia Notified Luxembourg & Malta: Withholding Tax Will Increase

The Ministry of Finance of the Russian Federation informed Luxembourg and Malta that in 2021 it intends to increase the minimum withholding tax rate for interest and outbound dividend payments to 15%.

If any jurisdiction disagrees with this option, Russia intends to unilaterally revoke the agreement, which currently allows reducing the tax rate to 5%, and in some cases to 0%.


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