Tax exemptions for young people

Serbian President Aleksandar Vucic said on Wednesday that the government would introduce what he called significant tax exemptions for people under the age of 40.

He also said the government would abolish annual income tax and reduce payroll taxes by 70 percent for those under the age of 40, as well as people working on research and development projects.

Vucic also said at a press conference that the young people will have above average salaries and will not be burdened by added taxes which would reduce their wages to average.

“That measure won’t cause us any significant losses (to the state budget) but is a signal to young people that we are thinking about them,” he said.

Under Serbian law, annual income tax is paid by people who earn three times the average gross salary (2.9 million in 2021).

He also said that the 70-percent-payroll tax, paid by employers, will be deferred for three years for first-time employees. “Those are people getting their first job and earning less than the average salary. This applies to employers who will not reduce their workforce for three years,” Vucic added.

(Vecernje Novosti, 16.06.2021)



This post is also available in: Italiano

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