On 29 July 2024, the People's Assembly of Abkhazia approved the ratification of the pending income tax treaty with Russia. The treaty, signed 7 May 2024, is the first of its kind between the two jurisdictions and will enter into force after the ratification instruments are exchanged. Note that Abkhazia is a contested territory that is recognized as an independent state by Nauru, Nicaragua, Russia, Syria, and Venezuela. Essentially all other countries recognize Abkhazia as a sovereign territory of Georgia.