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Medvedev to discuss cooperation, taxation in Cyprus

© Dmitry Astakhov / Go to the photo bankFifteen documents are to be signed following the talks between Dmitry Medvedev and Dimitris Christofias.
Fifteen documents are to be signed following the talks between Dmitry Medvedev and Dimitris Christofias. - Sputnik International
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Russian-Cypriot financial and economic cooperation and taxation of Russian companies will be in the focus of Thursday's talks between the Russian and Cypriot presidents.

Russian-Cypriot financial and economic cooperation and taxation of Russian companies will be in the focus of Thursday's talks between the Russian and Cypriot presidents.

Fifteen documents are to be signed following the talks between Dmitry Medvedev and Dimitris Christofias.

The Russian leader's visit to Cyprus is his first visit to the country timed to the 50th anniversary of diplomatic relations between the two states.

Russia-Cyprus trade in the first half of 2010 grew 250% year-on-year to exceed $1 billion.

As regards taxation, the two countries plan to discuss offshore tax optimization schemes. Cyprus is the key offshore for Russian businesses, which reduces Russian budget revenues. Against the backdrop of the global financial crisis, many states have toughened requirements for offshore areas, and Russia is following suit.

"The whole set of bilateral relations, including broad political dialogue on urgent issues on the regional and international agenda, and versatile ties in the financial-economic and humanitarian spheres will be discussed at the talks," Russian presidential aide Sergei Prikhodko said.

Medvedev will also meet with Archbishop Chrysostomos II of Nova Justiniana and All Cyprus.

"Development of interfaith and intercultural dialogue has a special significance," Prikhodko said.

MOSCOW, October 7 (RIA Novosti)

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