Serbia VAT update
- 26 September 2015 | Richard Asquith
The Serbian government has proposed a range of amendments to the VAT Law. Once approved by the parliament, they will enter into law in October 2016.
The VAT changes include:
- Where there is a transfer of a going concern that is not liable to VAT, the buyer will be subject to VAT if the assets are disposed of within 3 years
- Accommodation services in the tourism industry will be subject to the reduced VAT rate of 10%
- Foreign companies trading in Serbia may register as non-resident entrepreneurs for the first time, but must appoint a fiscal representative (‘Tax Proxy’), which are local tax payers in Serbia. The fiscal representative is responsible for full VAT reporting and remittances, and is jointly liable for any taxes due.
- Serbian VAT returns must now be submitted by the 15th of the month following the reporting period end (from 2016)
- In addition to the filing of a VAT return, Serbian VAT payers must also submit details of the VAT calculation – details to be provided nearer the deadline which is January 2017.