Adoption of a series of fiscal related laws

The Serbian Parliament adopted today the Amendments to the Law on Fiscal proceeding and administration, and to the Law on Sales taxes.

The Amendments to the Law on Fiscal proceeding and administration provides for a definition of the Fiscal ID Number (FID) as a unique identification of a physical person, entrepreneur or any legal person for the regulation of all public revenues obligations, and it does not represent an official secret. According to the adopted amendments, the taxpayer should inform the Fiscal Administration on any data modifications concerning him – within a period not exceeding five days after the modifications occurred. Failing to comply with this obligation, the taxpayer will have his FID withdrawn by the Fiscal Administration.

If the taxpayer fails to comply with the obligation of tax paying, a forced collection of taxes should be carried out – through seizure of money and through the auction of real estate and movable property – and the funds thus collected should be transferred to the public revenues account or by the transfer of real estate under the State property. The tax collector shall proceed to the seizure of the real estate property not registered in the proper register at the moment of the inventory, while the Tax Inspector – during the fiscal control, can temporarily seize the business books and other business documentation – until the end of the fiscal control procedure.

The Fiscal Police will be in charge of the fiscal related offences/crimes discovering, and it will be empowered to call and carry out interrogations of any suspected individual (with the right of arrest) during the pre-investigation procedure.

Taxpayers possessing any property – both in country and abroad – exceeding the total value of 20 million dinars, will have their six months deadline to declare it extended to ten months – until the entry in effect of the Law.

The amendments to the Law on Sales Taxes provide for an exemption of tax paying in the activities of supply or importation for further financial lease – in order to avoid a double taxation and to give the financial lease the same treatment as the other business operations transactions.

Daily newspapers and magazines will be exempted from the sales tax payment, as well as monographic and serial publications – providing the press media a possibility of 600 million dinars of economy, and will thus strengthen their independence and improve their positions in these transition conditions.