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Serbia

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About

Serbia

Capital
Official languages
Population 
Currency

ISO 4217

Belgrade

Serbian

7 million

Serbian Dinar

RSD

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Economy

"Serbia has seen a steady improvement in its economy over the past few years. According to the World Bank, Serbia's GDP grew by 3.2% in 2019, and is projected to grow by 3.5% in 2020. This growth is largely driven by increased investment in infrastructure, manufacturing, and services. The unemployment rate has also decreased from 14.2% in 2017 to 11.2% in 2019.

Inflation has been relatively low, with the average inflation rate in 2019 being 2.2%. The Serbian dinar has also been relatively stable, with an exchange rate of 1 USD to 117.5 RSD in 2019.

The government has also taken steps to improve the business environment, such as reducing the number of procedures required to start a business and introducing a new bankruptcy law. These measures have helped to attract foreign investment, with FDI inflows reaching $1.3 billion in 2019.

Overall, Serbia's economy has seen positive growth in recent years, and the government has taken steps to improve the business environment and attract foreign investment."

Taxation

Serbia is a country located in southeastern Europe, and its taxation system is governed by the Law on Corporate Income Tax and the Law on Personal Income Tax.


Corporate taxation in Serbia is levied on resident companies at a flat rate of 15% on their net income. Non-resident companies are taxed only on income generated within the country. There are also additional taxes, such as the local tax on capital, which is imposed by local governments, and the tax on dividends, which is levied on distributions of profits to shareholders. Companies must file an annual tax return and pay their taxes by March 15 of the following year.


Personal taxation in Serbia is based on a progressive tax rate system ranging from 10% to 15% on all income earned by residents. However, there are some exemptions and deductions available for certain types of income, such as investment income and capital gains. There is also a tax on property, which is levied on the value of real estate owned by individuals. Individuals must file an annual tax return and pay their taxes by May 15 of the following year.


In addition to income tax, Serbia also has a Value Added Tax (VAT) of 20%, which is levied on most goods and services. Registered businesses are required to collect VAT from their customers and remit it to the government. VAT returns and payments are due monthly or quarterly, depending on the size of the business.


Taxpayers in Serbia can file their tax returns and make payments online through the Tax Administration's website. The tax calendar in Serbia runs from January to December, with tax returns and payments due by March 15 of the following year for corporate taxes and by May 15 of the following year for personal taxes. The VAT returns and payments are due monthly or quarterly, depending on the size of the business.


It's worth noting that Serbia has signed several double taxation treaties with other countries to avoid double taxation of income earned by residents and non-residents. Additionally, the Tax Administration in Serbia has implemented measures to improve tax collection and combat tax evasion.

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