Nordeus will not pay capital gains tax in Serbia

Examples of successful companies, such as the software company Nordeus, show that their owners, although operating in Serbia, are mostly registered in other countries. As Politika daily writes, most often these are countries where capital gains tax is lower or zero, commonly called tax havens.

This is the case of the Serbian software developing company, Nordeus, which was recently sold to an American company for 378 million U.S. dollars, which has a 90% share registered in Ireland, a country that does not have this type of tax, which means that Nordeus will not pay tax following its acquisition by the American company, Take-Two. In Ireland, companies have the right to be exempt from domestic and foreign income tax.

According to the data of the Business Registers Agency (APR), the owners, i.e. the partners of the above company, are Nordeus Limited, based in Ireland, with a 90% share and Nordeus, registered in Belgrade, with 10%.

Tax experts explain that the tax on capital gains is usually paid where a company is registered, but many countries such as Ireland, the Netherlands or Cyprus, where many companies operating in Serbia are registered, do not apply this tax.

This is the practice, although the relevant sales contract may be regulated differently. The tax is usually paid on the difference between the acquisition and the sale. Also, Serbia has an agreement with the Republic of Ireland to avoid double taxation.

(021.rs, 08.06.2021)

https://www.021.rs/story/Info/Biznis-i-ekonomija/276164/Politika-Nordeus-nece-platiti-porez-na-kapitalnu-dobit.html

 

 

This post is also available in: Italiano

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