Serbian Parliament passes a set of financial laws

The Serbian National Parliament adopted a set of financial laws and appointed Dusko Pejovic as chairman of the State Audit Institution (SAI) yesterday.

The amendments to the Law on Excise Taxes envisage exemption from paying excise tax on liquefied gas under the condition that it is used as energy fuel or a production material.

The amendments to the Law on the Value Added Tax (VAT) envisage the compliance of this law with the Law on Financial Support to Families with Children which stipulates that the right to VAT return on food and baby equipment may be exercised for babies born until 30th June, 2018.

The amendments that were the subject of the most heated discussion among the MPs were those relating to the Serbian Tax Administration. MPs argued the amendments should stipulate that the names of the most regular taxpayers should be publicly revealed, as well as the enforced tax collection from debtors’ savings accounts and the implementation of a grace period for the most vulnerable taxpayers.

The adopted amendments also state the Business Registers Agency will no longer be allowed to delete companies from the Company Register until the Tax Inspectorate checks these companies, takes back the tax identification number and notifies the Agency of it.

Also, the amendments envisage establishing a hierarchy among tax officers by worker profile and depending on how complex and responsible their positions are. The rule book on the systematization of jobs at the Tax Administration should be adopted within a year of the law coming into effect.

The Law on Foreign Exchange Operations has also been considerably amended. Beginning with 1st January, 2019, the National Bank of Serbia (NBS) will take over the activities of issuing and revoking authorizations for currency exchange activities and activities of foreign exchange operations supervision.

In order for Serbia to prove that it has made progress in preventing money laundering, and in line with the recommendations of the Council of Europe’s MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism), the Law on Accounting has been adopted.

With the amendments to the Law on Gambling, Serbia has harmonized its regulations with the international FATF standards on preventing and detecting money laundering and the financing of terrorism.

Also, the Law on Factoring (a financial transaction in which a company sells its accounts receivables to a third party) has been adopted, envisaging that persons with criminal record cannot establish a factoring company.  

(eKapija, 19.04.2018)


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