4 billion dinars in savings to the economy and citizens

Minster of Finance and Economy Bozidar Djelic assessed that the proposed modifications and amendments to the Law on Taxation of Financial Transactions will lift a burden of some 4 billion dinars annually from the economy and citizens. Charges will be eliminated on provision and payment of credit, turnover of stocks, collection of revenues from privatisation and cashless payment transactions. In order to speed up the introduction of financial discipline and pulling capital from the grey economy into legal circulation, costs in payment operations will be slashed in half on sums over 5 million dinars, and by a third on smaller transactions.

The Minister of Finance and Economy said that he expects the price of capital in Serbia will not exceed 1-2% from the moment such measures are passed. The proposed measures will also have a positive effect on reviving stock markets, stimulating the privatisation process andcurtailing the grey economy.

The elimination or reduction of these taxes has been facilitated by an improvement in financial discipline, as well as in receipt of revenues, while success has also been achieved in the fight against smuggling, Minister Djelic said.