Tax Newsletter: June 2014 — tax relief and rates for social security contributions in Serbia
The Serbian Parliament adopted amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions on 30 May 2014. The amendments primarily prescribe tax relief for the employment of new employees. The incentives will become applicable on 1 July 2014 and will also introduce new contribution rates for pensions, disability insurance and health insurance, but the overall rate for social security contributions will remain unchanged, i.e. 37.8 per cent. These rates are applicable as of 1 August 2014.
Amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions have introduced tax breaks for the employment of new employees regardless of their age or work experience. Relief is provided by a refund to employers for a portion of paid taxes and contributions on salaries paid to newly employed workers.
The main requirement for the utilisation of incentives is that an employer must increase the number of its employees from 31 March 2014…
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