UAE, Serbia pact to avoid double taxation
Abu Dhabi, January 14, 2013
The UAE and the Republic of Serbia signed an agreement yesterday to avoid double taxation on income between both countries at the headquarters of the Ministry of Finance in Abu Dhabi.
The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Mlađan Dinkić, Minister of Finance and Economy of Serbia.
The agreement includes a range of incentives and tax transaction mechanisms to grant multi-state exemptions on the UAE’s investments in both public and private sectors.
The agreement also provided export tax exemptions and tax benefits on capital gains. This initiative will contribute to strengthening the partnership between both countries by reducing the operational cost of their investments, especially since the agreement operates according to the principle of applying taxes in the country of residence rather than the source country.
A meeting was held after the signing of the agreement in the presence of the delegations, where they discussed economic and trade relations and methods of developing them to include all areas of common interest, particularly in the area of investments. – TradeArabia News Service