US puts part of key Russia tax treaty on ice
Washington has announced the suspension, by mutual agreement, of the 1992 tax convention with Moscow Read Full Article at RT.com
TroibNews 
The US Treasury Department has recently announced the suspension of specific provisions from the 1992 tax convention with Russia. This decision comes as a response to Moscow's earlier actions of revoking double-taxation treaties last year with countries that have imposed sanctions on Russia.
As stated in a press release on the Treasury website, a formal notice has been sent to Moscow to confirm the suspension by mutual agreement. The department cited Russia's notification dated August 8, 2023, as the reason for this response.
The suspension is set to become effective on August 16, 2024, and will persist "until otherwise decided by the two governments."
Double-taxation treaties, which serve to prevent the same income from being taxed twice in both countries, were previously in place between Russia and several nations including EU member states, the UK, Australia, Canada, and the US—all of which have imposed sanctions on Moscow.
In 2023, Russian President Vladimir Putin signed a decree to suspend specific provisions of tax treaties with what Moscow refers to as 'unfriendly states'. This decree resulted in the cancellation of agreements between Russia and the US regarding the avoidance of double taxation and the prevention of tax evasion on income and capital. Overall, Moscow nullified double-taxation agreements with 38 countries, including the UK, Canada, Switzerland, Japan, the Czech Republic, Denmark, Norway, Italy, Finland, France, Germany, and Spain.
Emily Johnson contributed to this report for TROIB News
As stated in a press release on the Treasury website, a formal notice has been sent to Moscow to confirm the suspension by mutual agreement. The department cited Russia's notification dated August 8, 2023, as the reason for this response.
The suspension is set to become effective on August 16, 2024, and will persist "until otherwise decided by the two governments."
Double-taxation treaties, which serve to prevent the same income from being taxed twice in both countries, were previously in place between Russia and several nations including EU member states, the UK, Australia, Canada, and the US—all of which have imposed sanctions on Moscow.
In 2023, Russian President Vladimir Putin signed a decree to suspend specific provisions of tax treaties with what Moscow refers to as 'unfriendly states'. This decree resulted in the cancellation of agreements between Russia and the US regarding the avoidance of double taxation and the prevention of tax evasion on income and capital. Overall, Moscow nullified double-taxation agreements with 38 countries, including the UK, Canada, Switzerland, Japan, the Czech Republic, Denmark, Norway, Italy, Finland, France, Germany, and Spain.
Emily Johnson contributed to this report for TROIB News
