Serbia is a country in Southeastern Europe (Balkan peninsula). Serbia is a candidate for joining the European Union since 2009.
Serbia has a transitional economy, relying on manufacturing and exports, driven largely by foreign investment. Main industries of Serbian economy are automobiles, base metals, furniture, food processing, machinery, chemicals, clothes, pharmaceuticals.
Withholding tax rates in Serbia are 0.0-20.0 %. Serbia signed 27 double taxation agreements.
Serbia didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Serbia agreed in substance to use FATCA on 30 June 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Serbia are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Serbia continues to demonstrate firm resolve to sign the IGA as soon as possible.
The banking sector of Serbia is highly concentrated and is dominated by foreign-controlled banks. Banks in Serbia operate as universal banks.