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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Serbia's DTAA Article 25: Eliminate Double Taxation with Deduction for Foreign Taxes Paid, Excluding Penalties.</h1> Article 25 of the Double Taxation Avoidance Agreement (DTAA) between Serbia and another Contracting State addresses the elimination of double taxation. It mandates that when a resident of one state earns income or owns capital taxable in the other state, the resident's home state must allow a deduction equivalent to the tax paid in the other state. This deduction cannot exceed the portion of the tax attributable to the income or capital taxed abroad. The article also permits the home state to consider exempted income or capital when calculating taxes on remaining income or capital, and clarifies that 'tax paid' excludes penalties for defaults or omissions.
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