Russia ratifies double taxation agreement with Brazil

MOSCOW, January 6 (RIA Novosti) - Russian President Dmitry Medvedev has signed a federal law ratifying a convention for the avoidance of double taxation and fiscal evasion between Russia and Brazil, the Kremlin said Tuesday.

The law was adopted by the lower house of Russian parliament, the State Duma, on December 24 and approved by the upper house, the Federation Council, on December 29.

The convention, signed in November 2004, is aimed to ensure conditions when legal entities and individuals will not have to pay taxes twice from the same kinds of incomes and property in their country and in the partner country.

The convention also prevents tax discrimination and establishes the procedure of tax information exchanges between the relevant agencies in the two countries.