Russian Counter Measures – Tax Developments
On 8 August 2023 the Russian President suspended certain provisions of double tax treaties. Suspended provisions include tax regime for dividends, real estate, business profit, etc. This suspension will mostly target non residents who have income in Russia. This procedure is quite vague from a legal standpoint, since the double tax treaties do not provide for the suspension mechanism.
Moreover, on 5 June 2023 the Ministry of Finances of the Russian Federation extended a list of jurisdictions that provide for preferential tax treatment and (or) do not provide for disclosure and
provision of information during financial transactions. The list now contains more than 90 jurisdictions, including the Unites States and the members of the EU.
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For more information on sanctions and Russian counter measures, please refer to our previous “Legal Alerts“.