Russia suspends tax treaties with ‘unfriendly countries’

Russian President Vladimir Putin attends a meeting at the Kremlin in Moscow, Russia, Aug 8, 2023. (PHOTO / AP)

MOSCOW – Russian President Vladimir Putin signed a decree on Tuesday to suspend certain provisions within double taxation agreements with 38 unfriendly countries.

A Double Tax Agreement is a bilateral agreement between two countries that seeks to eliminate the double taxation of income.

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According to the decree, published on Russia's official legal information portal, the decision was taken "based on the need to adopt urgent measures" with regard to the unfriendly actions of foreign countries in relation to Russia, its citizens, and legal entities.

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The measures will be taken against the United States, Britain, Japan, Singapore, Canada, and Australia, among other countries, which Russia has classified as "unfriendly."