The government delegations of Croatia and Saudi Arabia have successfully concluded negotiations on an treaty to eliminate double taxation of income and assets and to prevent tax evasion and tax avoidance, the Croatian Ministry of Finance announced on Friday.

The negotiations took place from 13 to 15 May 2024 in Riyadh and were led by Dalibor Legac, Head of the Double Taxation Department at the Tax Administration of the Ministry of Finance of the Republic of Croatia, and Wassal Al Malki, General Manager of Treaties & International and Strategic Partnerships of the Kingdom of Saudi Arabia.

Following the successful conclusion of the negotiations, both countries will initiate their own internal procedures to enable the signing of the treaty and its subsequent ratification by the parliaments of both countries.

“Once the treaty is ratified and enters into force, it will revitalise and intensify cooperation between the two countries. The treaty will provide numerous facilitations in the taxation of all types of income, improve the conditions for the expansion of trade in goods and services, improve the conditions for financial investments and increase the level of overall economic activity of both countries,” said the Ministry of Finance.