Russia, Malta agree to raise withholding tax on interest, dividend payments to 15%

Russia and Malta have agreed to amend their taxation treaty, Russia’s finance ministry announced on Friday, raising the withholding tax rate for interest and dividend payments to 15%, with exceptions for a limited list of institutional investments.

Keen to combat capital outflows, Russia has been negotiating its tax treaties with several countries, including the Netherlands and Cyprus, with whom it reached an agreement last week.