Faster refund of value added tax and lower income tax are going to be measures that the Ministry of Finance will insist on being implemented – the Serbian Finance Minister, Sinisa Mali, announced on Wednesday. The decrease in income tax could be applicable as of 2019, he added.
Mali reminded that, under the law, the VAT refund must be made within 45 days, and underlined that there was no reason for companies to wait so long if their refund forms are in order.
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“The first next step is to reduce the income tax, effective as of January 2019. These are two small, but important moves that symbolize the changes that are taking place in the country”, Mali went on to say.
The minister also said that micro, small and medium companies made up 99% of Serbia’s economy and generate 56% of the country’s GDP, as well as, that they employ 65% of the total workforce, which is nearly 840,000 people.
“The state has an obligation to support that sector as the pillar of the development of our economy. Last year alone, we set aside RSD 18.2 billion for SME incentives, of which 7.6 billion were grants”, Mali said.
Mali reminded that the country’s economic growth stood at 4.6% in the first quarter and that the goal was for it to be maintained throughout the year. Also, in the first half of the year, Serbia had a budget surplus of over RSD 30 billion, and the inflation has never been lower and more stable – 1% to 2%.
As he said, there are 18 new companies to each 10 that are closed down, which is also a good indicator.
(Vecernje Novosti, eKapija, 11.07.2018)
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