What investors & companies need to know!
What tax changes will 2021 bring in Serbia? What should investors pay attention to in the future – and which decisions will benefit them? TPA’s experts have summarized the most significant tax news for Serbia for you.
Corporate Income Tax Law (CIT) amendments applicable as of 1 January 2021
The latest amendments envisage that the capital gain is realized through the sale (or other transfer for a fee) of the investment unit of the investment fund. It is envisaged that the capital gain is also realized through the sale of digital property, provided that the taxpayer has a license to provide services related to digital property and if he acquired this property solely for resale within the provision of services related to digital assets.
Personal Income Tax Law (PIT) amendments applicable as of 1 January 2021
It is specified that a qualified employer is any employer resident of the Republic, who establishes an employment relationship with a newly settled taxpayer who had a residence or centre of business and life interests in the territory of the Republic for at least three years from the 1990. The right to use the tax relief for the employment of new persons has been extended, as well as the right to exemption from paying taxes from the salaries of the founders who are employed in the newly established company as of 31 December 2021.
Law on Tax Procedure and Tax Administration amendments applicable in 2021
A provision is introduced which characterizes open or alternative investment funds as taxpayers, who have rights and obligations in the fiscal procedure, whereby it is defined that the fund management company, as a legal entity is responsible for tax, property, and legal liabilities. From January 1, 2021, a request for refund of overpaid or incorrectly paid tax (i.e. secondary taxes), as well as for tax refund, i.e. for the settlement of due liabilities based on other legal grounds by means of tax rebooking, will be submitted in electronic form through the Tax Administration portal, or in writing – directly or by regular post services.
Value Added Tax Law (VAT) amendments applicable as of 1 January 2021
It is specified that VAT should not be paid on a transfer of virtual currencies and exchange of virtual currencies for cash.