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November 2012 Tax Update: Cyprus Removed from Russian Black List

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On 31st October 2012 the Russian Ministry of Finance published the amended black list of jurisdictions which does not include Cyprus which will take effect on 1st January 2013.

As a result, dividends paid by Cypriot companies to their Russian parent companies can now qualify for the Russian dividend participation exemption and in general all restrictions imposed in Russia on transactions between Russian companies and companies established in black list jurisdictions are abolished.

Our View: This development should encourage further investments between the two countries as well as encourage investors from other countries to invest in Russia through Cyprus.