US and Serbia to cooperate on adjusting tax regulations

US and Serbia to cooperate on adjusting tax regulations

US and Serbia to cooperate on adjusting tax regulations Izvor: Tanjug/ DIMITRIJE GOLL

Serbia and the US signed an agreement on Wednesday to work together in the improvement in changing tax regulations at the international level and the implementation of the US "Foreign Account Tax Compliance Act” (FATCA), the Beta news agency reported.

Serbia’s Finance Minister Sinisa Mali and the US ambassador to Belgrade Kyle Scott signed the agreement on the cooperation of the two governments concerning a set of the US regulations in fighting tax evasion.

Mali’s office said in a statement the agreement envisaged that foreign financial institutions or other financial brokers report the tax evasion attempts by US citizens or residents who keep money in non-American financial institutions and foreign accounts.

The statement said the agreement would enable an efficient implementation of the tax rules, while Serbia’s financial institutions would have a high level of credibility after adjusting the regulations with the international ones.

Serbia will thus join a group of over 100 states which together with the US intensively work to enable the international modification of the tax laws and at the same time empower local institutions’ capacity in preserving the country’s financial stability.

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