MOSCOW, January 1. /TASS/. The law on the ratification of the agreement between the governments of Russia and the United Arab Emirates on the elimination of double taxation with respect to taxes on income and capital and the prevention of tax evasion and avoidance came into force on January 1 of this year.

Legal entities and individuals of each of the countries will not pay taxes twice on the same type of income in their state and the partner state since that moment. The agreement will promote mutual attraction of investments.

The document also contains a list of taxes to which it applies, and the procedure for their payment, criteria for limiting benefits, methods for eliminating double taxation, the procedure for considering requests and applications from residents, and dispute resolution. Prevention of tax discrimination is also guaranteed.

The agreement regulates issues of taxation of income from movable and immovable property, as well as from its divestment, profits from business activities, from international maritime and air transportation, taxation of dividends and interest, income from copyrights and licenses, and income of individuals.

Mechanisms for interaction between the competent authorities of both states on issues of information exchange are envisaged.