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Luxembourg has completed the internal state procedures required for the Protocol amending the Luxembourg-Russia Double Taxation Treaty, which was signed in Moscow on November 6, 2020, to become effective.
Russia has received a notice of completion of all ratification procedures under the document by the partners. The Protocol therefore will become effective on March 5, 2021 and its provisions will be applied from January 1, 2022.
The Protocol provides for an increase in the withholding tax rate up to 15% on dividends and interest payments with certain exceptions for institutional investments and public companies.
Russia in its turn has completed all necessary procedures to ratify the Protocol and notified Luxembourg to that effect in late 2020. On December 30, 2020, the Protocol was signed by the Russian President.