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In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices

 

Accounting Rules

Tax Year
The financial year begins on 1 January and ends on 31 December of the same year.
Accounting Standards
All enterprises from the largest listed companies to the smallest unincorporated proprietorships must comply with IFRS.
Accounting Regulation Bodies
International Accounting Standards Board
Accounting Reports
All accounting operations must be recorded in the journal (dnevnik) in chronological order or according to the order of receipt of the accounting documents. In the ledger (glavna knjiga) all the accounts appear (changes concerning ownership, liabilities, capital, revenue and expenditure). This document is a basis for creating financial reports. The annexes (pomocne knjige) are analytical documents for non-material investments : real estate, equipment and machines, long term financial investments, stocks etc.

Companies must draw up financial reports for the current year : a balance sheet of current financial standing (bilans stanja), a statement of income (bilans uspeha), report on liquid assets (isvestaj o tokovima gotovine), report on changes concerning capital (izvestaj o promenama na kapitalu), explanatory notes (napomene uz finansijske izvestaje) and annexes (statisticki aneks).

Publication Requirements
The obligations concerning publication and audit depend on the size of the company.
All companies must file their financial reports with the National Bank of Serbia, by the end of February for small companies and by the end of April for medium-sized and large companies. The Bank handles these reports and publishes the financial standing of the companies.
Professional Accountancy Bodies
The Association of Accountants and Auditors of Serbia
Certification and Auditing
Auditing is mandatory for large and medium-sized companies, it is optional for small companies which can be audited by the fiscal administration. The audit must be carried out according to international standards, by members of the Chamber of Certified Auditors (Komora ovlascenih revizora). You can contact an external auditor: Deloitte, PricewaterhouseCoopers, Ernst & Young, KPMG.
Accounting News
IAS Plus

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Tax Rates

Consumption Taxes

Nature of the Tax
Value Added Tax (VAT) - Porez na dodatu vrednost (PDV)
Tax Rate
20%
Reduced Tax Rate
A reduced rate of 10% is applied on basic foodstuffs, newspapers, community services, etc.
Goods for export, insurance, re-insurance or letting of an appartment are exempt from VAT.
Other Consumption Taxes
Imports are subject to VAT in the same way as national production (except in the free zones). Excise duties are levied on producers and importers of the following goods: oil derivatives; tobacco products; alcoholic beverages; coffee.

Learn more about Service Providers in Serbia on Globaltrade.net, the Directory for International Trade Service Providers.

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Corporate Taxes

Company Tax
15%
Capital Gains Taxation
Long-term capital gains are included in taxable revenue and are therefore taxed at the same rate as Corporate Tax.
Main Allowable Deductions and Tax Credits
Expenses are deductible for depreciation. Charitable donations, provisions, presents provided to related parties, penalty interest for late payment of taxes, or any other charges, expenses related to forced collection of taxes, non-business related expenses, impairment of assets, long-term provisions (except those for renewal of natural resources, and other mandatory long-term provisions)...
Other Corporate Taxes
Real property tax, social security contributions, stamp duty, transfer tax.
Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
 

Country Comparison For Corporate Taxation

  Serbia Eastern Europe & Central Asia United States Germany
Number of Payments of Taxes per Year 66.0 28.0 11.0 9.0
Time Taken For Administrative Formalities (Hours) 279.0 260.0 175.0 207.0
Total Share of Taxes (% of Profit) 34.0 40.5 46.7 46.8

Source: Doing Business - Last Available Data.

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Individual Taxes

Tax Rate

Personal income tax rate Rate depends on the type of income.
Employment income (salary) 10%
Income from capital 15%
Royalty, rental and other income 20%
Allowable Deductions and Tax Credits
Reductions of taxable income cannot be more than 50% of the taxable income. Personal allowances are available to the members of the taxpayer's family that are financially supported by the taxpayer.
Special Expatriate Tax Regime
There is no special tax regime for expatriates.

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Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of the conventions signed.
Withholding Taxes
Dividends: 20%, Interest: 20%, Royalties: 20%

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Sources of Fiscal Information

Tax Authorities
Tax administration
Customs administration
Other Domestic Resources
Taxes in Serbia

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Learn more about Taxes and Accounting in Serbia on Globaltrade.net, the Directory for International Trade Service Providers.

Intellectual Property

National Organizations
The organization responsible for intellectual property protection in Serbia is the Federal Bureau for Intellectual Property (Zavod za Intelektualni Svojinu). It depends on the Ministry of the Economy and Foreign Trade.
International Membership
Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)
 

National Regulation and International Agreements

 
Type of property and law Validity International Agreements Signed
Patent
 
Patents Act
20 years Patent Cooperation Treaty (PCT)
Trademark
 
Trademark Protection Act 1 January 2005
10 years Trademark Law Treaty
Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Design
 
Protection of Designs Act 1 January 2005
25 years  
Copyright
 
Copyright and associated rights Act 1 January 2005
70 years Berne convention For the Protection of Literary and Artistic Works
WIPO Copyright Treaty
Industrial Models
 
Design Protection Act 1 January 2005
25 years  

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Legal Framework

Independence of Justice
Judicial power is independent, the highest authority being the Constitutional Court.
The Language of Justice
Serbian.
Recourse to an Interpreter
It is possible to have an interpreter at a trial.
Sources of the Law and Legal Similarities
Following Montenegro's declaration of independence on June 3rd 2006 a new constitution was drawn up; it was put to referendum and ratified on 28 and 29 October 2006. The previous constitution dated from 27 April 1992.
Checking National Laws Online
Website of Serbian lawyers
Website about commercial laws in Serbia

Learn more about Lawyers and Legal in Serbia on Globaltrade.net, the Directory for International Trade Service Providers.

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Standards

National Standards Organizations
Institute for Standardization of Serbia, website in Serbian.
Ministry of the Economy, website in Serbian.
Integration in the International Standards Network
The organization which fixes norms, tests and certifications in Serbia is the Institute for Standardization (Zavod za Standardizaciju - ISS). The organization which grants accreditations is Accreditation Board (ATC). Both organizations depend on the Ministry of the Economy. ISS represents Serbia in international and European organizations for standardization (ISO, IEC, CEN and CENELEC), and in systems/schemes for certification (IECEE, IECEx and IECQ).
Classification of Standards
The Serbian standards are the SRPS. For more information about the classification of standards consult the ISS website.
Online Consultation of Standards
Consult the standards in the catalogue of the ISS website.
Certification Organizations
Accreditation Board of Serbia
Institute for Standardization of Serbia

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Business Practices

General Information
Doing business in Serbia
Opening Hours and Days
Food shops : 6 am - 9 pm in the week and on Saturday, 8 am - 2pm on Sunday.
Administration : 8 am - 4pm every day of the week.
Banks : 8 am - 7pm in the week, 8 am - 3 pm on Saturday.

 

 

Public Holidays

New Year's Day 1 January
Orthodox Christmas 7 January
Saint Sava 27 January
Constitution Day 15 February
Good Friday, Orthodox Easter 17 April
Orthodox Easter Monday 20 April
Labor Day 1 May
Victory Day 9 May
Saint Vitus 28 June
Catholic Christmas 25 December
 

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Last Updates: October 2014