BOSNIA AND SPAIN SIGNED DOUBLE TAXATION AVOIDANCE AGREEMENT

SARAJEVO, Bosnia (February 7,2008) – The Bosnian Minister of Finances Dragan Vrankic signed in the Bosnian capital Sarajevo Agreement on double taxation avoidance and tax evasion prevention in the sector of incomes and property taxes with the Spanish Ambassador to Bosnia Jose Maria Castroviejo y Bolibar.

Signatories stated at the signing ceremony that this Agreement is of enormous significance in the sector of investments and technology exchange between Bosnia and Spain.

Minister Vrankic emphasized that the agreement enables the two countries to profit and invest, without having to go through taxation processes twice.

”This is a call to all investors and businesspersons in sectors of production, science and technology to freely start investing, for they will not have to go through taxation process twice”, Vrankic said.

Ambassador Bolibar stated that the Agreement will increase productivity and activities of businesspersons from both the countries. He added that the Agreement will improve economic cooperation between Bosnia and Spain.

Ambassador Bolibar added that Spain has a big market which will be at the disposal to Bosnia.In the past nine years, Spain invested over 2 billion Euros in Bosnia.