Double Taxation Avoidance Agreement signed with Syria

The Agreement on the avoidance of double taxation with respect to taxes on income, between the Republic of Croatia and the Syrian Arab Republic, was signed today by the Finance Ministers of the two countries, Ivan Šuker and Mouhammad Al Houssein.

This Agreement is a prerequisite for the better economic cooperation between Croatia and Syria and the major part of this cooperation is the Croatian oil company INA's doing business in Syria, outlined Minister Šuker.

To be more specific, INA is carrying out researches in two research blocks- Hayan and Aphamia, and together with their state-owned company, the Syrian Petroleum Company, has the joint venture operating company - the Hayan Petroleum Company.

Šuker said that it is in the interest of Croatia that INA positions itself strongly in the Syrian market, and the agreement signed today should contribute to that.

INA's success in Syria and its good relationships with the Syrian Ministry of Oil were also confirmed by Al Houssein and he also reminded of the fact that Syria has always had, throughout the history, very good relationships with the states of former Yugoslavia and so that it has such a relationship with Croatia as well.

But, the current economic cooperation between Croatia and Syria is not a true reflexion of even better amicable relationships between these two countries and so, it should be developed more because there are numerous economic fields for that, outlined the Syrian Minister.

The agreement signed today ensures tax relieves considering the taxation of all kinds of the two countries contractors residents' incomes, revenues and profits, as well as the improvement of the conditions for the enhancement of mutual goods and services exchange.

At the same time, it prescribes the methods for avoiding double taxation of the same income, that is, of the same profit, in order to avoid the creation of unequal economic conditions for taxpayers of these two countries. (HINA - Croatian News Agency)