Russian President Vladimir Putin has endorsed legislation to ratify an intergovernmental agreement with Oman, focusing on eliminating double taxation on income and preventing tax evasion. The official legal information portal has published the document.
The original agreement dates back to 2001, but Russia halted the ratification process in 2009 due to concerns about low taxes on dividends and interest in Oman at that time.
During subsequent negotiations, the Russian side successfully addressed the tax rate issue and resolved matters related to taxing income from international transportation. The updated agreement, signed in June 2023, includes a comprehensive list of applicable taxes, payment procedures, criteria for limiting benefits, and methods for eliminating double taxation. Additionally, it outlines procedures for handling appeals and resident applications, dispute resolution, and guarantees against tax discrimination.
The law adopted by Russia also covers the ratification of the protocol accompanying the agreement. This protocol clarifies certain provisions, defines the interpretation of terms within the agreement, and establishes mutual agreement to forego the legalization and apostilization of any documents and information issued by competent authorities for implementing the agreement.
According to accompanying materials, the ratification of the agreement and protocol is expected to foster the development of trade and economic cooperation between Russia and Oman, encouraging mutual investments.
GSV "Russia - Islamic World"
Based on materials from TASS