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Canada, Serbia Sign DTA

by Mike Godfrey, Tax-News.com, Washington

02 May 2012


Canada and Serbia have signed a convention for the avoidance of double taxation with respect to taxes on income and capital, which will restrict the rate at which withholding tax is applied on income between the two countries.

The agreement, signed on April 27, 2012, will limit withholding tax on dividends paid between affiliated companies to 5%, and 15% in all other cases, and withholding tax on interest and royalties to 10%.

The Convention also includes provisions for the exchange of tax information, in line with the Organization for Economic Cooperation and Development's internationally-agreed standard on tax transparency and tax information exchange.

The agreement will enter into force once both countries have notified each other of the completion of domestic procedures for ratification. Upon ratification, the convention will have effect in Canada, in respect of tax withheld at source on amounts paid or credited to non-residents, on or after the first day of January in the calendar year next following the year in which the Convention enters into force; and, in respect of other taxes, for taxation years beginning on or after the first day of January in the calendar year next following the year in which the Convention enters into force.

TAGS: tax | business | double tax agreement (DTA) | interest | royalties | Serbia | withholding tax | Canada | dividends

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