End of the public debate on the Draft Law on the Value Added Tax (VAT)

In a meeting with the businessmen from the Province of Vojvodina, yesterday in Novi Sad, ended the one-month lasting public debate on the Draft Law on the Value Added Tax (VAT), organized by the Serbian Ministry of finance and economy in cooperation with the respective Chambers of commerce.

Businessmen, economic experts, associations representatives, auditors, lawyers, and accountants from all over Serbia, had the opportunity to make remarks and suggestions to the proposed legal regulations on the new taxing manner, which is to enter in effect on January 1st, 2004.

The participants to the public debate consider, inter alia, that the proposed VAT rate should be reduced, that a shorter limit for the tax return from the Fiscal administration should be provided for, as well as to include additional measures for the production process financing, a wider range of tax rates, and the VAT payment exemption for imported goods, school books, and cultural domain activities. The businessmen also consider that the introduction of the VAT should be synchronized with the introduction of the fiscal memory cash registers, and especially, that the initiated public debate should be extended to the end of the year.

All the remarks and suggestions were forwarded to the Ministry of finance and economy, which will prepare a Proposal of Law and submit it to the Serbian Parliament for further consideration and adoption by mid-September.