Ambassador Kyle Scott and Serbian Minister of Finance Siniša Mali signed an agreement to improve international tax compliance. The agreement facilitates implementation of the Foreign Account Tax Compliance Act (FATCA), a U.S. law aimed at combating tax evasion by U.S. persons holding overseas financial accounts. The agreement addresses legal impediments and reduces burdens for Serbian financial institutions in reporting financial account information. Ambassador Scott thanked Serbia for its assistance, noting that by signing the FACTA intergovernmental agreement, “Serbia and the United States are taking an important step forward in strengthening our bilateral relationship.” With its signature, Serbia joins over 110 jurisdictions that have partnered with the United States in fostering greater tax compliance.
The agreement is product of mutual cooperation between the Serbian Administration for the Prevention of Money Laundering and the U.S. Government.