In this page:
Accounting Rules |
Tax Rates |
Intellectual Property |
Legal Framework |
- 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
- Nature of the Tax
Value Added Tax (VAT) - Porez na dodatu vrednost (PDV)
- Tax Rate
- 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.
- Company Tax
- 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
||Eastern Europe & Central Asia
|Number of Payments of Taxes per Year
|Time Taken For Administrative Formalities (Hours)
|Total Share of Taxes (% of Profit)
- Last Available Data.
|Personal income tax rate
||Rate depends on the type of income.
|Employment income (salary)
|Income from capital
|Royalty, rental and other income
- 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.
Learn more about Taxes and Accounting in Serbia on Globaltrade.net, the Directory for International Trade Service Providers.
- Independence of Justice
Judicial power is independent, the highest authority being the Constitutional Court.
- The Language of Justice
- 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.
- 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.
|New Year's Day
|Good Friday, Orthodox Easter
|Orthodox Easter Monday
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Last Updates: October 2014