The President of Kazakhstan signed a law ratifying the treaty on October 14 2016 after the Senate approved the treaty on September 30 2016. Serbia's National Assembly approved the agreement in 2015.
This agreement applies to income tax, personal income tax and property tax.
The withholding tax rates available under the treaty are:
- Dividends: 10%/15% (the lower rate applies if the dividend distributing company has at least 25% participation);
- Interest: 10%; and
- Royalties: 10%.
The bilateral and economic relations between Serbia and Kazakhstan are already at a very good level, with commodity turnover between the two countries reaching $230 million in the past 10 years ($56 million in 2015). Consequently, the double tax treaty will be an important tool that is expected to further facilitate and intensify cooperation.
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