On 24 December 2020, Serbia's National Assembly approved the ratification of the pending income and capital tax treaty with Hong Kong. The treaty, signed by Serbia on 14 August 2020 and by Hong Kong on 27 August 2020, is the first of its kind between the two jurisdictions and will enter into force once the ratification instruments are exchanged. It will apply in Hong Kong from 1 April of the year following its entry into force and will apply in Serbia from 1 January of the year following its entry into force.