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Article amendment in the double taxation convention between Cyprus and Russia

An agreement has been reached regarding the postponement of the Protocol amending Article 13 of the double taxation convention between Cyprus and Russia, which was signed in October 2010. The said amendment provides for the taxation of capital gains from the sale of shares of companies deriving more than 50% of their value from immovable property, in the country where the immovable property is situated.

It is stated that this postponement will remain until similar provisions are introduced in other bilateral Agreements between the Russian Federation and other European countries.

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