On the website of the Finance ministry, a draft law on accounting is published, which should enter into force on 1 January 2020. The link contains the most important changes compared to the current applicable law of accounting.
The Companies Act provides that company documents sent to third parties should include, inter alia, the company identification number. Failure to comply with this provision constitutes a misdemeanor for which a fine for companies is stipulated (between RSD 100.000 and RSD 1.000.000).
The new Trade Law further defines that the registration number is a mandatory element of the documents accompanying goods (documents on production, purchase and sale of goods, as well as documents accompanying goods in transport).
Failure to present the appropriate documents accompanying the goods results in a fine for a misdemeanor of RSD 500.000 to RSD 2.000.000 dinars for legal entities, and RSD 50.000 to RSD 500.000 dinars for entrepreneurs.
The Ministry of Finance has issued a Notice regarding taxation of income from the provision of catering services in domestic crafts and rural tourism households by an individual.
The Rulebook on Terms, Criteria and Elements for Taxation of Revenues Based on the Provision of Hospitality Services was previously published. The Regulation is effective from 1.7.2019. and taxable income from the provision of hospitality services is calculated on the basis of the following:
– 5% of average monthly earnings in the year preceding the taxable year,
– number of single beds and camping pitches and
– coefficient by category of tourist destination.
Implementation of the Law on Lobbying begins on 14 August 2019. The Law regulates the lobbying activities, the rules of lobbying, registers, records and other important issues.
Lobbying can be carried out by either an individual or a legal entity who is registered as lobbyist, but the Law also recognizes “unregistered lobbyist” – a legal representative or an employee of a lobbying beneficiary or a company/association to which the lobbying beneficiary is a member. Foreign citizens and foreign legal entities may also act as lobbyists in Serbia, but only if they have been properly registered for lobbying in the country of their origin, as well as in national register administered by the Anti-Corruption Agency.
All registered lobbyists are required to submit An Annual Written Report to the Serbian Anti-Corruption Agency by January 31 of the following year.
A necessary precondition for registration of a lobbyist is the attendance of the Training Program for Lobbyists and passing the Written Test of Knowledge.
At the session held on August 8, 2019, the Executive Board of the National Bank of Serbia decided to cut the reference by 0,25 percentage points to 2,5%. The next session of the Executive Board should be held on September 12, 2019.
Interested parties may submit their comments and suggestions in the comment form, in writing to the Ministry of Finance, at the address: Kneza Miloša 20, Belgrade, with the note: “For public debate on the Draft Law on Accounting”, or “For public debate on the Draft Law on audit” or electronically to the following e-mail addresses: [email protected], [email protected], [email protected].
The new Personal Data Protection Act, which was passed last year, will begin to apply on August 21, 2019. The law imposes a number of obligations on all legal entities, especially those who operate with a large number of users and perform data processing of any kind, and prescribes harsh penalties for non-compliance with the Law. The main reason for adopting the Act is to comply with EU regulations.
The law applies in cases where the data processor having his / her headquarters, domicile or residence in the territory of the Republic of Serbia processes personal data in the scope of activities performed in the territory of the Republic of Serbia, regardless of whether the processing operations are carried out in the territory of the Republic of Serbia. Also, irrespective of the seat, residence or domicile of the data processor, the Law also applies to data processing cases where the data subjects have their place of residence in the Republic of Serbia, in two cases – in the case of supply of goods and services, and in the case of monitoring the activities of persons if the activities are carried out in the Republic of Serbia.
After 28 years, Serbia has adopted a new Codebook of occupations, which includes jobs that have emerged in the labor market in the last three decades. The Unique Nomenclature of Occupations from 1990 has been in use so far.
By the end of 2019, employers are under an obligation to update their employee data according to the new Codebook of occupations. As of January 1, 2020, only a new codebook covering 3,641 occupations will be used, and the list is aligned with the needs of the economy and labor market in Serbia, as well as with the international standard.
On our website you can access the tax alert regarding the new “Rulebook on exercising the right to tax exemption based on the organization of recreation, sporting events and activities for employees”.
With the new opinion of the Ministry of Finance 011-00-97 / 2019-04 from 10.07.2019 the problem that occurs when the VAT payer issues the wrong invoice is resolved. Namely, if the VAT payer misrepresents the VAT in the invoice or other document serving as the invoice, the VAT taxpayer is obliged to pay the stated VAT until he corrects the error in the new invoice, but the recipient of the invoice (VAT payer) is not entitled deduct VAT until it receives the correct invoice.
The new opinion stipulates that the VAT taxpayer who issued the wrong invoice has the right to reverse the invoice, for example by creating a special document which should contain information on the number and date of the wrong invoice to be reversed, as well as to submit that document to the buyer. The VAT taxpayer who created the wrong invoice and recorded it in his information system is obliged to keep records of wrongly made invoices and documents on the basis of which those invoices were canceled.