Russia ratifies convention with Venezuela to avoid double taxation

Russian President Dmitry Medvedev has signed a law to ratify the convention to avoid double taxation and tax dodging between Russia and Venezuela, the Kremlin said Sunday. 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 December 2003, 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 relevant bodies of the two countries.