The Serbian government approved the protocol amending the 2001 income and capital tax treaty with Hungary on 31 October 2024.
The protocol includes clarifications on several key terms. Specifically, it defines that in the context of relations between Hungary and the Republic of Serbia, the terms “Republic of Hungary” and “Federal Republic of Yugoslavia” should be understood as referring to Hungary and Serbia, respectively, as applicable. Additionally, Paragraph 5 of Article 25 (Non-Discrimination) is revised to extend the scope of the article to apply to taxes of all types and categories. Furthermore, Article 27 (Exchange of Information) has been updated to align with the OECD standards for information exchange.
This is the first amendment to the treaty. It will take effect 30 days after ratification and apply from 1 January 2025.
Earlier, Hungary and Serbia signed an amending protocol to their 2001 income and capital tax treaty on 8 October 2024.
