Since X5 Group is incorporated in the Netherlands, X5 shareholders (tax residents of Russia) are required, in accordance with Dutch laws, to pay a 15% tax until the end of 2021. GDR holders receive net dividends, free of all taxes. There is a depositary bank fee of USD 0.02 per GDR that is automatically deducted when dividends are paid.
In Russia, no taxes have to be paid on X5 dividends, at least in 2021. In 2021, however, Russia terminated its Double Taxation Treaty with the Netherlands. X5 is now waiting for the government to provide clarifications in respect of taxation of dividends paid by Russian public companies incorporated in the Netherlands from 2022 onwards.
If a private investor is not a tax resident of Russia, the tax and payment procedure may differ.