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368 "b. turn-over taxes at all stages of production;

"c. that portion of the accumulation and funds at each successive stage of production which is over and above social security contributions and profits retained by the producing enterprise;

"d. any additional taxes which negotiations subsequently develop as applicable to the expenditures for which relief should be accorded; to the extent that all or any of these taxes are applicable to the expenditures involved.

"With respect to any Yugoslav taxes not specifically referred to in this Agreement which might be applicable to United States expenditures in the categories embraced in this Agreement, the two Governments will discuss procedures for relief consistent with the principle of tax relief contained in this Agreement.

"The relief to be accorded hereunder is applicable to all expenditures subsequent to the date of this Agreement."

Would you kindly inform me whether the Government of the United States of America concurs in the foregoing.

Accept, Sir, the assurance of my highest consideration. Sincerely yours, Stanislav Counsellor of State for Foreign Affairs Secretariat of State for Foreign Affairs Mr. James S. Killen Counsellor for Economic Affairs Embassy of the USA Beograd

II

The United States Counsellor of Embassy for Economic Affairs to the Yugoslav Counsellor of State for Foreign Affairs THE FOREIGN SERVICE OF THE UNITED STATES OF AMERICA AMERICAN EMBASSY

Belgrade, July 23, 1953 Dear Sir: This will acknowledge the receipt of your letter of July 23, 1953 the text of which reads as follows:

[See note I] No.