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Industry Updates

New Russian Withholding Tax Proposals May Impact Irish Eurobond Structures

14 Mar 2012

On 31 December 2011, the Russian Ministry of Finance ("MinFin") stated that in certain cases the issuers of Eurobonds would not be considered the beneficial owners of interest payments paid by Russian entities to such issuers. The MinFin will require Russian entities to withhold tax on payments to such issuers, unless it can be demonstrated that the holders of the underlying Eurobonds qualified for an exemption under the Russian Tax Code.

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