VAT introduction

The Minister of Finance and Economy, Mr. Bozidar Djelic announced, that the VAT (Value Added Tax) will be introduced in Serbia at the beginning of the next year.

Mr. Djelic said that in the current of the following week, a series of Draft measures necessary for the VAT introduction by the beginning of 2004. will be submitted to the Serbian Government for consideration. He also added that the Law on Denationalization should be adopted by the end of the year.

Mr. Djelic emphasized that, in accordance to the provisions of the Law on Tobacco, there will be no more cigarettes production licensed issuing in Serbia – at least by the beginning of 2005. – and added that the only the Tobacco factories in Nis and Vranje were the licensed tobacco producers in Serbia.