NBS to take over part of Tax Administration’s responsibilities – Central bank issuing permits for foreign exchange operations

The National Bank of Serbia took over a part of the responsibilities of the Tax Administration pertaining to the issuing and the revocation of authorizations for foreign exchange operations and the control of foreign exchange and foreign currency operations on January 1, 2019.

– I believe that this will contribute to the reduction of the gray economy – Governor Jorgovanka Tabakovic told Tanjug.

Around 60 former Tax Administration employees in charge of these operations are now employees of the NBS.

The amendments to the Law on the NBS, which also came into effect on January 1, 2019, abolish the Administration for Supervision of Financial Institutions as a special unit within the bank, and the workers remain employed on their usual jobs. There are a total of 220 of them, of which 124 in the Sector for Control of Banks’ Operations, 55 in the Sector for Supervision of Insurance Operations, nine in the Center for Supervision of Information Systems and 32 in the Sector for Protection and Education of Users of Financial Services.

The expansion of the competence of the NBS under the law is a part of the modernization of the entire banking market, and one of the new solutions is the recently implemented option of “instant payment”. Tabakovic explains that this kind of payment, which takes only 1.35 seconds, is a technological solution that the NBS implemented before the European Central Bank. It is expected for the number of users of this payment system to increase from April 1, 2019, as all banks will have to include this service from that date on.

Narodna banka Srbije Beograd

Poreska uprava Srbije

European Central Bank Germany - Evropska Centralna Banka

NBS

National Bank of Serbia

NBS Sector for Control of Banks Operations

NBS Sector for Supervision of Insurance Operations

NBS Center for Supervision of Information Systems

NBS Sector for Protection and Education of Users of Financial Services

NBS Administration for Supervision of Financial Institutions

Jorgovanka Tabakovic

foreign exchange operations

permit for foreign exchange operations

control of foreign exchange operations

amendments to the Law on the NBS