Accounting in Serbia is governed by Law on Accounting (”Off. Gazette of RS”, no. 62/2013 and 30/2018, hereinafter: Law). On the day of entry into force of this law, the Law on Accounting and Auditing (”Off. Gazette of RS”, no. 46/06, 111/09 and 99/11 - other law) is cease to be valid.
CIT is calculated (self-assessed by the taxpayer) by adjusting accounting profit from income statement prepared in accordance with IFRS for non-deductible costs and non-taxable revenues. Tax rate is 10%.
Before 24th July 2013, Accounting in Serbia was governed by Accounting and Auditing Law ("Off. Gazette of RS", no. 46/2006, 111/2009 and 99/2011 - Dr. Law, below: Law).
For greenfield and brownfield projects in the manufacturing sector, services sector related to international trade and strategic projects in tourism, grants are awarded in the amount of 4,000 to 10,000 euros for each worker employed full time within three years from the date of conclusion of the grant.
The Labour Law of the Republic of Serbia regulates employment practice and the employer-employee relations, which can take two main forms: 1. Employment relation and 2. Work outside the Scope of Employment.
Standard VAT rate in Serbia is 20%. Certain goods and services (e.g. basic food, bottled water, newspapers, drugs, computers etc.) are subject to lower VAT rate (i.e. 8%).
Last amendments: Law on Amendments to the Law on Value Added Tax ("Fig. Gazette" no. 93/2012),
PIT is levied on salaries, income realized on the basis of services and authorship contracts with individuals, income derived from temporary and occasional jobs, interest income and other income of individuals.
Social Security Contributions (SSC) base is gross salary.
In Serbia immovable property is subject to property tax.
Transfer tax is payable by individuals and legal persons that sell real estate, intellectual property or second-hand motor vehicles, vessels or aircraft.