The tax system of the Republic of Serbia is built by the Government of Serbia . The fiscal policy of the state is formed by the Tax Administration of the Ministry of Finance of the Republic of Serbia , and through its regional offices it administers all taxes and fees [1] . Tax legislation includes several normative acts: the law on tax procedures, the law on income tax, the law on income tax, the law on value added tax, the law on property tax, and so on. It should be noted that, unlike, for example, the legal framework of the fiscal system of the Russian Federation, tax laws in Serbia contain only general provisions. Real administration takes place in accordance with by-laws , mainly departmental instructions [1] . The following main taxes provide the revenue side of Serbia's budget: income tax, income tax, value added tax and, in addition, excise taxes and customs duties.
Content
2012 Fiscal Consolidation
On September 10, 2012, the government approved a course on fiscal consolidation to reduce the budget deficit. It was planned to ensure savings in government spending and a simultaneous increase in budget revenues. A positive increase in budget revenues was provided by the following measures:
- increase in income tax from 10% to 15%;
- an increase in the value added tax rate from 18 to 20% (with the exception of small enterprises with an annual income of not more than 8 million dinars (≈ $ 90.0 thousand);
- increase in excise taxes on diesel fuel (excluding public transport and a number of other carriers), on tobacco products, on liquefied gas.
Basic taxes
During fiscal consolidation in 2012, the basic rates of the current tax system in Serbia were formed.
Income tax
Corporate income tax ( Serb. Cut on finished off right-handed persons ) is regulated by the "Corporate Profit Tax Law" [2] . The rate is 15%. The taxpayer pays monthly advance payments on actual accruals for the same period last year. Newly created companies pay such payments based on a planned estimate of profit for the current year. For companies that invest in their own development more than 1 billion Serbian dinars (or other legal entities do it in their interests), a preferential rate of 10% is provided. Losses can be carried forward for five years. Capital gains are taxed at a rate of 15% for residents and 20% for non-residents.
Value Added Tax
The value added tax ( Serb. Cut on the dodate of harmfulness ) is regulated by the relevant law [3] . The tax rate is 20%. For certain types of goods and services (food, hotel services, utilities, etc.), a rate of 10% applies. The tax is not taxed (zero rate applies) exported goods. Exempted from VAT (MPE) are financial, banking, insurance services, medical and social services.
Individual income tax
Personal income tax ( Serb. Cut on income of a citizen ) is regulated by several legal acts depending on the type of income [4] . The source of payment withholds tax at a rate of 10% on wages. If earnings exceed the amount of three average annual salaries, the rate increases by another 10%, more than six average annual salaries - by 15%. Non-residents are taxed on income received from a source in Serbia at the rates of 10%, 15% or 20%, depending on the type of payment: labor income, capital income, capital gains and so on.
Personal Property Tax
The tax is paid on the appraised value of property owned by the taxpayer. Rates are set by local authorities in the range from 0.3% to 2.0%.
Notes
- ↑ 1 2 Overview of the Serbian economy on the website of the Russian Embassy in the Republic of Serbia
- ↑ RS Official Journal, No. 25/01, 80/02, 43/03, 84/04, 18/10, 101/11, 119/12, 47/13, 108/13, 68/14 -. dr
- ↑ Official Journal of the RS, No. 84/04, 86/04 - rev., 61/05, 61/07 and 93/12
- ↑ Official Journal of the RS, No. 24/01, 80/02, 80/02; 135/04, 62/06, 65/06; corrections, 31/09, 44/09, 18/10, 50/11, 91/11 - decision CSS, 7/12, 93/12, 114/12 - decision CSS and 8/13
Links
- Official website of the Tax Administration of the Republic of Serbia