Switzerland, following Cyprus, Luxembourg and Malta, may revise its tax treaty with Russia / Commentary / Business FM
The talks are scheduled for October, Deputy Finance Minister Alexei Sazanov has said. In 2020, Vladimir Putin instructed that a 15% tax be imposed on income in the form of dividends and interest transferred to foreign accounts. In connection with this new development, it was necessary to adjust the treaties on the avoidance of double taxation with a number of countries. It is not possible to reach an agreement with everyone: for example, the treaty with the Netherlands had to be denounced. The text of the amended treaty with Switzerland is not publicly available. However, its content can be judged on the basis of similar documents signed with Cyprus, Luxembourg and Malta.
Andrei Gusev, Managing Partner at Borenius Russia, commented to Business FM on what changes can be expected in the tax treaty with Switzerland if it is revised.