NETHERLANDS: Russia Seeks To Update Deal On Double Tax Avoidance With Jurisdiction.

As published on urdupoint.com, Sunday 9 August, 2020.

MOSCOW (UrduPoint News / Sputnik - 09th August, 2020) Russia asked the Netherlands this week to revise a deal on double tax avoidance after President Vladimir Putin said his administration would tax dividends and interest payments made to offshore entities at 15 percent.

The Russian Finance Ministry has sent out notifications to the Netherlands, Cyprus, Luxembourg and Malta, asking them to update treaties to avoid charging tax on the same income twice, Deputy Finance Minister Alexei Sazanov said Sunday.

"Cyprus is the Primary destination of dividends and interest payments made by [Russian] holdings. The Netherlands is number two. On Monday, we sent an official request to the Dutch asking for the agreement to be reviewed," Sazanov told Channel One.

Russia expects an answer in the coming weeks, the deputy minister said. President Putin said in March that Russia would pull out of double tax avoidance treaties with countries that refuse to make necessary changes.

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