On 29 December 2020, Serbia's National Assembly approved the ratification of the pending income treaty with Japan. The treaty, signed by Serbia on 21 July 2020, is the first of its kind between the two jurisdictions and will enter into force 30 days after the ratification instruments are exchanged and will generally apply from 1 January of the year following its entry into force. However, Article 26 (Exchange of Information) will apply from the date the treaty enters into force without regard to the date on which the taxes are levied or the taxable year to which the taxes relate.