Not even a half of owed taxes can be collected

Companies in Serbia owe a total of 776.2 billion Dinars in unpaid taxes and contributions. As the Večernje Novosti finds out from the Serbian Tax Administration, only 390.1 billion Dinars out of this amount can be collected. The other half of the tax is owed by companies where recovery of outstanding taxes is almost impossible mostly because the relevant regulation protects them from foreclosure and bankruptcy. Even the tax amounts that are collectible in theory are difficult to collect in practice.

– The bad debt stands at 386.1 billion Dinars or 50% of the entire amount owed. Out of this amount, 230.3 billion Dinars are owed by bankrupt companies, 82.1 billion by privatized companies, 3.9 billion by liquidated companies, 68.6 billion by companies erased from the business registry and 1.2 billion on phantom companies – the Tax Administration says.

However, a part of the debt, which can be collected on the grounds of relevant regulation, is uncollectible because the debtors don’t have the rights to assets than can be used to settle the debt.

Also, as 1st June, the debt of 43 companies is collectible since these companies have completed their restructuring process which means that their banks accounts can be reopened. These are just some of the companies from a group of companies undergoing restructuring. They are mainly former large enterprises which have been done wrong through canceled privatizations or had no-one interested in acquiring them. The state has declared 17 companies from this group as “strategically important” (like the companies FAP from Priboj, RTB Bor, Petrohemija, the Resavica Mine etc.).

For over 30 of them, the state has publically declared privatisation (as of October, their bank accounts and assets are still untouchable to the Tax Administration). These are the companies like 21. Oktobar from Kragujevac, Budimka from Požega, and Tehnohemija from Belgrade. The destiny of 43 companies is still undecided; their bank accounts are frozen mainly because of the debt which occurred before the restructuring process begun.

– The Tax Administration is claiming 55.3 billion Dinars from the companies that are no longer protected by the state from tax collection. The Tax Administration will do everything in its legal power to collect this tax debt. The collection will depend on the liquidity of each individual company – the Tax Administration says.

(Vecernje Novosti, 27.06.2015)

This post is also available in: Italiano

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