The Inland Revenue Authorities of Singapore on May 3, 2021 informed that the Government of Singapore and the Government of Serbia signed an agreement to eliminate double taxation with respect to taxes on income and to put a stop on tax evasion and avoidance.
The agreement under Article 5.4 (Permanent Establishment) rules out the circumstances under which a company e.g. incorporated in Singapore will form a permanent establishment in Serbia when furnishing services, including consultancy services within Serbia.
The full agreement can be found under the following link: bit.ly/3b5QuH2
The agreement will come into force after the ratification.