Tax newsletter: Serbia and Montenegro — February 2013
The end of 2012 was very dynamic in terms of changes to the Serbian tax legal framework.
As part of the Government’s efforts to battle the significant budget deficit, the Serbian Parliament adopted Amendments to the Corporate Income Tax Law (CIT Law) on 15 December 2012. These amendments are expected to increase fiscal revenues, primarily by way of an increase in the CIT rate from 10% to 15%. As a measure to help businesses, the Parliament also adopted the Law on the Conditional Write-off of Interest and a Standstill of Tax related Debt Serbia signed further treaties on the avoidance of double taxation with respect to taxes on income and property (DTT) through the ratification of 4 new DTTs – with Palestine (22 November 2012), and with Georgia, Tunisia and Canada (24 December 2012).
Finally, the Ministry of Finance and Commerce issued a number of new changes or amendments to the existing regulations necessary for the implementation of the tax laws, primarily in the area of value added tax…
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