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Ottawa, May 7, 1997
1997-044

Entry Into Force of the Tax Agreement Between Canada and the Russian Federation

Finance Minister Paul Martin today announced that the Government of Canada notified the Government of the Russian Federation on May 5, 1997, that the necessary procedures in Canada for the bringing into force of the Agreement between Canada and the Russian Federation for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital signed at Ottawa on October 5, 1995, have been completed. The Government of the Russian Federation has already notified the Government of Canada on March 17, 1997, that it had completed its own procedures. Article 29 of the Agreement provides that it shall enter into force on the date of the later of these notifications.

The Agreement therefore entered into force on May 5, 1997 and its provisions will have effect:

(a) in respect of tax withheld at the source on amounts paid or credited to non-residents on or after the first day of January 1998; and

(b) in respect of other taxes for taxable years beginning on or after the first day of January 1998.

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For further information:

Jean-Marc Déry
Tax Legislation Division
(613) 992-1862