Vietnam, Croatia sign double taxation avoidance agreement
Vietnamese Deputy Minister of Finance Do Hoang Anh Tuan and Croatian Minister of Finance Zdravko Marić have signed an agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
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Croatia is one of the two most economically developed countries of the former Federal Republic of Yugoslavia. Its economic development mainly relies on key sectors such as tourism, shipbuilding, machinery production, oil exploitation and refinery, and construction materials. Tourism is a key foreign currency earner for the European nation, generating US$8-9 billion per year.
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| At the signing ceremony. (Photo: mof.gov.vn) |
There has been significant progress made in cooperative relations between Vietnam and Croatia in recent years. Their annual bilateral trade has swelled by more than 20% since 2013 and reached nearly US$80 million in 2016, showing the potential for further cooperation in trade and investment between the two countries.
At the signing ceremony, Finance Minister Do Hoang Anh Tuan highlighted the signing of the deal as a demonstration of closer cooperation and sound friendship between Vietnam and Croatia and marks a new step in their bilateral ties. The signed agreement will contribute to creating a clear and stable legal environment in line with international standards, which will facilitate the investment activities of the two nations’ businesses.
The Croatian Minister of Finance, Zdravko Marić, expressed his belief that the agreement would act as a kick-start for both sides in establishing closer ties, while bringing mutual benefits and prosperity in the coming time.
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(Source: VNA)
