[World Tax News] Russia Terminates Tax Treaty With 38 Unfriendly Countries Including UK & USA and More
- Blog|News|International Tax|
- 2 Min Read
- By Taxmann
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- Last Updated on 14 August, 2023
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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Russia terminates Tax treaty with 38 unfriendly countries, including UK & USA
On August 8, 2023, Russian President Vladimir Putin signed Decree No. 585, leading to the suspension of a few specific provisions within the international tax treaties of the Russian Federation. This Decree, which was promptly published in the Official Gazette, became effective on the same day.
The Decree outlines around 18 to 22 articles suspended from tax treaties entered into by Russia with 38 countries deemed “unfriendly.”
The suspended articles cover crucial aspects such as permanent establishment, income from immovable property, business profits, associated enterprises, dividends, interest, royalties, capital gains, employment income, and more.
Additionally, suspended provisions within certain treaties include those pertaining to non-discrimination, limitation on benefits, and cooperation in tax collection, wherever they exist. Notably, the suspension does not extend to articles concerning individuals and taxes covered, residency, relief from double taxation, mutual agreement procedures, or the exchange of tax-related information.
The tax treaties impacted by this measure encompass agreements between Russia and the following countries:
Albania, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Lithuania, Luxembourg, Malta, Montenegro (formerly part of Yugoslavia), New Zealand, North Macedonia, Norway, Poland, Portugal, Romania, Singapore, the Slovak Republic, Slovenia, South Korea, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
It’s important to note that Denmark has decided to terminate its tax treaty with Russia, effective January 1, 2024.
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