A set of financial laws adopted – Dusko Pejovic appointed chairman of State Audit Institution

The National Assembly of Serbia adopted a set of financial laws and appointed Dusko Pejovic chairman of the State Audit Institution (SAI) yesterday.

As reported on the website of the Government of Serbia, the amendments to the Law on Excise Taxes envisage for this kind of special tax not to be paid for liquefied gas under the condition that it is used as energy fuel or a reproduction material.

The amendments to the Law on the Value Added Tax (VAT) envisage the harmonization of this law with the Law on Financial Support to Families with Children.

The Law on Financial Support to Families with Children envisages that the right to repayment of the VAT on food and baby equipment may be exercised for babies born until June 30, 2018.

The aim of the amendment is for children born until that date to fully exercise the right to repayment of the VAT.

The law amendments most discussed in the public recently are those related to the tax administration. They should enable the publishing of the names of the best taxpayers, enforced tax collection from debtors’ savings accounts and the implementation of a grace period for the most vulnerable taxpayers.

The adopted new features also relate to the fact that the Business Registers Agency will no longer be able to delete companies from the register until the Tax Police completes the control of the company, returns its TIN and notifies the agency of it.

Also, the amendments to this law envisage the sorting of tax officers’ jobs by profession, depending on how complex and responsible the positions are, and the rulebook on the systematization of jobs at the Tax Administration will be adopted within a year of the laws’ coming into effect.

The Law on Foreign Exchange Operations has also been considerably amended. Beginning with January 1, 2019, the National Bank of Serbia (NBS) will take over the jobs of issuing and revoking authorizations for currency exchange activities and activities of control of foreign exchange operations.

In order for Serbia to prove that it has made progress in preventing money laundering, in line with the recommendations of the Council of Europe’s MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism), the Law on Accounting has been adopted.

With the amendments to the Law on Gambling, Serbia has harmonized its regulations with the international standards of the FATF in preventing and detecting money laundering and the financing of terrorism.

Also, the Law on Factoring (a financial transaction in which a company sells its accounts receivable to a third party) has been adopted, envisaging that the owner of the company mustn’t have a criminal record.

Narodna skupština Republike Srbije

Državna revizorska institucija Republike Srbije

Agencija za privredne registre Beograd

Narodna banka Srbije Beograd

Ministarstvo finansija Republike Srbije

Poreska uprava Srbije

Vlada Republike Srbije

State Audit Institution

National Bank of Serbia

NBS

Business Registers Agency

Dusko Pejovic

Law on Excise Taxes

excise taxes

excise taxes for liquefied fas

Law on the Value Added Tax

Law on the VAT

VAT

Law on Financial Support to Families with Children

repayment of the VAT for food and baby equipment

VAT for food and baby equipment

enforced tax collection

deleting a company from the register

TIN

Law on Foreign Exchange Operations

currency exchange activities

control of foreign exchange operations

preventing of money laundering

money laundering

MONEYVAL

Council of Europe

Law on Accounting

Law on Gambling

detection of money laundering

financing of terrorism

FATF

Law on Factoring

factoring

Law on Tax Procedure