Newsflash - Russia suspends Double Taxation Treaties with 'Unfriendly Countries'

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Subject: Newsflash - Russia suspends Double Taxation Treaties with 'Unfriendly Countries'

Russia suspends Double Taxation Treaties With 'Unfriendly' Countries

President Vladimir Putin has signed a decree to suspend double taxation agreements and tax evasion treaties with over 30 "unfriendly countries”, including the Unites States, EU countries and Canada. Published on August 8, the decree puts on hold all agreements until "the elimination by foreign states of violations of the legitimate economic and other interests of the Russian Federation, the rights of its citizens and legal entities”.

What is the impact of this executive order?

The signature of this executive order cancels withholding tax provisions, property income tax relief, dividends, interest, royalties, pensions and other tax relief, with immediate effect.

Which countries are concerned?

Albania, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Czech Republic, Cyprus, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Iceland, Italy, Japan, Lithuania, Luxembourg, Malta, Montenegro, New Zealand, Norway, North Macedonia, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, United Kingdom and the United States.

What does this mean for the Mauritius International Financial Centre?

This decree brings Mauritius at par with the traditional holding jurisdictions for investments in Russia, such as Cyprus. It is also to be noted that Mauritius is not on the Russian list of “unfriendly countries” and as such, capital flows between the two countries are unhindered.

How can we assist?

We have a specialised team who can assist on matters relating to bank account opening, structuring and entity formation, fund administration and relocation solutions, amongst others. For any additional information or clarification, please write to your usual contact person at ITL or you may also drop us an e-mail on info@intercontinentaltrust.com.

Kind Regards,

ITL Team

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The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.

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Subject: Newsflash - Russia suspends Double Taxation Treaties with 'Unfriendly Countries'