RUSSIA - JPMorgan Investor Services is to expand its tax services in Russia.
Following changes in the Russian tax code, JPMorgan has negotiated arrangements for tax treaty relief to be granted to its clients at the time of income payment.
Previously, clients were unable to receive treaty benefits in Russia and were subject to a higher statutory tax rate. Under the new procedures, eligible foreign investors holding Russian securities may obtain a lower tax rate, provided they have the required documents.
Headquartered in New York, JPMorgan Chase & Co is a global financial services firm with assets of US$741bn and operations in over 50 countries.
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