JPMorgan Investor Services announced today that, following changes to the Russian Tax Code, it 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 execute the required documents.
“We are very pleased to offer our clients who invest in the Russian market additional tax services,” says Jon M. Divis, Securities Processing Executive. “JPMorgan is committed to providing clients with innovative tax services that enable them to more efficiently and profitably transact business.”