Tax Newsletter
December 2014
Tax | Audit | Advisory
www.crowehorwath.rs
Serbian Parliament adopted changes and amendments to the
Corporate Income Tax Law, Value Added Tax Law and the Law on
Excise Duty, which are published in the Official Gazette No.142/2014,
published on 25 December 2014.
Amendments to the Corporate Income Tax Law
Please find the most essential changes of the Corporate Income Tax Law:
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The non-resident with a permanent establishment that does not keep records in line with the
prescribed accounting and audit provisions, is required to submit tax return and tax balance;
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Expenses arising from humanitarian aid, related to the elimination of the consequences occurred in the event of emergencies, donated to the Republic of Serbia, autonomous province or local
government are considered as a tax deductible up to the full amount of 5 % of the taxpayer’s achieved revenue, together with other expenses from this group;
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A special way of corporate income taxation, prescribed by the Law, is applied for a taxpayer who passes from insolvency to bankruptcy;
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Non-profit organizations and the taxpayers in bankruptcy procedure are exempted from paying monthly advance tax. These subjects would pay tax in a period predicted for submitting tax return and tax balance for mentioned period;
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It is closely defined that Non-profit organizations are considered to be taxpayers if they make in
come from supply of goods and service on the market;
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If company is involved in status change that would lead to its termination, tax return and tax balance have be submitted within 60 days;
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Withholding tax return is to be submitted on the day of income payment, when tax is calculated
and paid in accordance with this law. Implementation of this provision is in relation to the beginning of submission of electronically tax returns, as defined in law that regulates tax procedure and tax
administration.
Amendments to the Value Added Tax Law
■■
Besides those parts of a turnover of goods and services that is funded by IPA and already is VAT exempted, the Law introduces supply of goods and services based on donation contracts signed with the Republic of Serbia as tax exempted category, in the part financed from IPA funds.
Amendments to the Law on Excise Duty
The most essential changes are:
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Obligation to submit the tax return for computed excise duty is being introduced instead of quarterly excise duty computation;
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All excise payers are obliged to make the inventory list of excise goods before 31. December of the calendar year and to submit the mentioned lists until 31. January in the following year.
Yours sincerely,
Crowe Horwath Management Team
Tax | Audit | Advisory
www.crowehorwath.rs
Crowe Horwath BDM
Member Crowe Horwath International
Terazije 5/4
11000 Belgrade
Phone: +381 11 65 58 500
Fax: +381 11 65 58 501
www.crowehorwath.rs
Tax | Audit | Advisory
www.crowehorwath.rs