Russian Deputy Minister of Finance, Alexey Valerievich Sazanov, announced on 15 September 2020 that an amending protocol to the 1993 income and capital tax treaty with Luxembourg is expected to be signed before the end of September. The two sides agreed in principle in August 2020 to an increase in the withholding tax rates on dividends and interest to 15% under the treaty. Under the current provisions of the Luxembourg-Russia treaty, interest is exempt from withholding tax and a 5% withholding tax rate is provided on dividends if the beneficial owner is a company directly holding at least 10% of...