Draft amendments to the Law on Corporate Income Tax – For tax havens withholding tax up to 47%
Ministry of Finance and Economy of the Republic of Serbia published on its website a Draft Law on Amendments to the Law on corporate income tax Law.
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Changes of VAT Law in Serbia
Law on Amendments to the Law on Value Added Tax (”Fig. Gazette” no. 93/2012), adopted by the National Assembly of the Republic of Serbia at the session of the Ninth Extraordinary Session in 2012, on 25 September 2012 is implemented from 01.01.2013, while the part of provisions are applicable from 01.10.2012 (the higher general VAT rate).
No customs duty on the import of 20,000 tones of sunflower seed oil till 06.04.2013
The Government of the Republic of Serbia has adopted a decision on exempting certain goods from customs duties no. 483-6639/2012 (Decision), which provides exemption from import customs duty for 20,000 tons of sunflower oil from CN code 1512 19 90 00 of Customs Tariff.
138 Para-fiscal levies and taxes abolished
The National Assembly of the Republic of Serbia adopted a package of laws that abolished the 138 fees and para-fiscal levies.
Proposed abolition of forestry fee – 0.025% of annual revenue
The Serbian Government has adopted a Draft law amending the Law on Forests, which provides the abolition of fees on forests (so called in Serbian “Šumarina”), or compensation for the protection, use and improvement of forest management functions of forests, which is paid by all legal entities in the Republic of Serbia at the rate of 0.025% on the base which is the total annual income of legal entity.
Abolished the cash registers for sole proprietors with lump sum taxation
From the 1. September 2012 there is no obligation to record turnover through the cash registers for the sole proprietor with lump sum taxation, in 35 groups of business activities.
Transfer of functional units is not considered as VAT delivery
Minister of Finance has adopted Regulation amending Regulation on establishing the transfer of entire or a part of assets, with or without compensation, or as an investment, which is not considered a supply of goods and services according to the Law on Value Added Tax (Amendment Regulation).
From 5 August 2012 excise tax on petroleum products increased by 1.5 dinars per liter
From 5 August 2012 the excise tax on petroleum products - gasoline and diesel fuel increased by 1.5 dinars per liter in Serbia.
Extended application deadline for grant funds for direct investment
The deadline for entries for grant funds for direct investmen has been extended for 14 days, from 20 July to 03 August 2012.
Key Policy Rate Raised to 10.25 Percent
From 12.07.2012 on the unduly paid taxes annual interest are paid at a rate of 20.25%.