Russia's Deputy Minister of Finance reportedly announced on 7 August 2020 that Luxembourg and Malta have agreed in principle to an increase in the withholding tax rates on dividends and interest to 15% under the respective tax treaties between Russia and the two countries. Earlier in the year, the Ministry was instructed by the president to review treaties providing for a withholding tax rate lower than 15% on dividend and interest income and approach treaty partners for revision negotiations to achieve minimum taxation of 15%. Under the current provisions of the Luxembourg-Russia treaty, interest is exempt from withholding and a...