MOSCOW, July 19. /TASS/. Denmark formally notified Russia about denunciation of the convention between the governments of the two countries on for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital, the Russian Finance Ministry said on Wednesday.

"The Kingdom of Denmark by note of June 19, 2023 No. 27/23 officially notified the Russian Federation about denunciation of the Convention between the Government of the Russian Federation and the Government of the Kingdom of Denmark for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital dated February 08, 1996 (the Convention), according to provisions of Article 29 of the Agreement," the ministry said.

"In line with the aforesaid note of the Danish side, the Convention ceases to be effective since January 1, 2024, specifically: in respect of withholding taxes - for revenues received on January 1 or after January 1, 2024, and in respect of all other taxes on income and taxes on property - for taxes levied in any fiscal year starting on January 1 or after January 1, 2024," the ministry noted.