The Russian government has announced the ratification of a double tax convention with Cuba, bringing the text into force.
The agreement, when it was first signed by Cuban President Fidel Castro and then Russian President Vladimir Putin in December 2000, was controversial and seen as Russia’s attempt to re-establish the once strong ties shared between the nations during the Cold War-era.
The text, now law, stipulates the taxing rights on profits derived from trade and investment made by Russian entities in Cuba, and vice versa, which will help boost economic activity between the two countries.
The treaty relates both to taxes on income and on capital. Cooperation between the two countries’ tax authorities will also be bolstered as a result of the document, which will in turn aid in the fight against tax evasion. .
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