Answering a question to the Cyprus news agency about the launched denunciation procedure by the Russian side, the official representative of the government, Kyriakos Koushos, said that “we are optimistic and expect that a positive decision will be taken during the negotiations on the avoidance of double taxation”. He said that the talks will be held on 10 and 11 August.
Cyprus Ministry of Finance announced yesterday in a press release that the negotiations will be headed by Finance Minister Konstantinos Petrides.

Meanwhile, the ministry told CNA that Cyprus has exhausted all opportunities to reach an agreement through diplomatic and political contacts.

The issue of avoiding double taxation was also discussed during a telephone conversation recently held by Presidents of Cyprus and Russia Nicos Anastasiades and Vladimir Putin.

On Monday the Russian Ministry of Finance initiated a procedure to cancel the double taxation agreement with Cyprus, stating that the amendments to the tax legislation proposed by Cyprus are not feasible.