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This note updates you on the latest developments in Russia on the approach suggested by the Russian Ministry of Finance ("MinFin") to the Russian tax authorities in respect of the application of withholding tax on payments of interest income by Russian companies and financial institutions to offshore special purpose vehicle companies
This note is designed to make you aware of recent discussions in Russia on the approach suggested by the Russian Ministry of Finance to the Russian tax authorities in respect of withholding tax on payments of interest income by Russian companies and financial institutions to offshore special purpose vehicle companies ("SPVs"
On 28 April 2012, the Central Bank of the Russian Federation (the "CBR") passed Instruction No. 2809-Y (the "New Instruction") "On amending the Provision of the CBR No. 215-P"
