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January 27, 2021

Novelties in the Business Registers Agency

From January 1, 2021, the Business Registers Agency (“BRA“) starts to provide new services and keep a new register. Issuance of excerpts and certificates from the Central Records of Ultimate Beneficial Owners In accordance with Article 8 of the Law on Central Records of Ultimate Beneficial Owners, the BRA started to issue: Excerpts with data on ultimate beneficial owners of registered entities Certificates from Central Records with historical data on ultimate beneficial owners of registered entities (certificate for registered entity), Certificate that a natural person is/was registered as ultimate beneficial owner of a registered entity (certificate for natural person). Request...

January 27, 2021

Novelties In Tax Regime for Transactions With Hong Kong and Japan

The Agreement between the Government of the Republic of Serbia and the Government of Hong Kong, Special administrative region of the People’s Republic of China (“Hong Kong”) on elimination of double taxation relating to income and property taxes and prevention of tax evasion and avoidance entered into force at the end of December 2020. Its application in Serbia has started on January 1, 2021, while it will be applied in Hong Kong for each year of taxation starting from April 1 or after April 1, 2021. The Agreement shall apply to profit taxes, income taxes and property taxes. Conclusion of...

January 27, 2021

Protection Against Dismissal of Employed Women During Pregnancy and Leave After Childbirth

Special protection of women before and after childbirth is regulated by the Constitution as the highest legal act of the Republic of Serbia, as well as by the Labor Law, which as a special law regulates the rights and obligations of employers and employees. In this sense, the Labor Law provides special protection against dismissal for this category of employees. Namely, the Constitution of the Republic of Serbia defines that mothers are provided with special support and protection before and after childbirth, while the Labor Law as a general rule stipulates that an employer cannot terminate an employment agreement to...

January 26, 2021

From 1 January Registration of Two New Security Instruments Introduced In the Register of Pledges

Pledge represents a substantive legal instrument for securing claims. Creditors use pledge to secure the collection of their claims and debtors guarantee such collection by their movable assets or right (e.g. right of claim against third party). Registered pledge vs “pignus” was a great turning point in the field of pledge right and it resembles pledge on real estate (mortgage) entered into the real estate cadastre. Instead of ceding the object of pledge to creditor’s ownership, registered pledge made it possible for the object of pledge to remain in debtor’s possession, while the creditor’s interests – namely limited disposal of...

December 30, 2020

Amendment of a Set of Tax Laws

The National Assembly of the Republic of Serbia adopted a set of amendments to the tax laws and laws on excises, which were published in the Official Gazette of RS no. 153/2020 of December 21, 2020. I  LAW ON CITIZENS’ INCOME TAX Increase of untaxable amount The first significant novelty introduced by the Law amending the Law on Citizens’ Income Tax refers to the increase of untaxable amount. Namely, the tax base for salaries is comprised of salary under this law, reduced by the amount of RSD 18,300.00 instead of previous untaxable amount of RSD 16,300.00. The first adjustment of...

December 30, 2020

New Measures for Mitigating Economic Consequences of COVID-19

I REGULATION OF THE GOVERNMENT OF THE REPUBLIC OF SERBIA The Government of the Republic of Serbia adopted the Regulation on the Procedure and Manner for Deferral of Payment of Due Taxes and Contributions for the Purpose of Mitigating Economic Consequences Caused by COVID-19, which was published in the Official Gazette of RS no. 156/2020 of December 25, 2020 (“the Regulation“). This Regulation specifies the procedure and manner of deferring the payment of due taxes and contributions for mandatory social insurance, the maturity whereof was deferred in accordance with the Regulation on Fiscal Facilities and Direct Payments to Economic Entities...

December 30, 2020

Highest and Lowest Base of Contributions for 2021

In accordance with the Law on Social Insurance Contributions, the Ministry of Finance has published the amounts of highest and lowest base of contributions for mandatory social insurance that will apply from 1 January until December 31, 2021. The highest monthly base for calculation and payment of contributions for mandatory social insurance is RSD 405,750. The lowest monthly base for calculation and payment of contributions for mandatory social insurance is RSD 28,402. The highest annual base for contributions for mandatory social insurance for 2021 is RSD 4,869,000. These amounts have been published in the Official Gazette of RS no. 154/2020...

December 30, 2020

Crypto-Currencies Finally Have a Regulatory Framework – the Law on Digital Assets Has Been Adopted

The National Assembly of the Republic of Serbia adopted the Law on Digital Assets that was published in the Official Gazette of RS no. 153/2020 of December 21, 2020. This law regulates the issuance of digital assets and secondary trade in digital assets in the Republic of Serbia, rendering of services relating to digital assets, pledge and equitable property of digital assets, as well as competences of the Securities Commission and the National Bank of Serbia. This law shall enter into force on December 29, 2020 and it shall be applied upon the expiry of six months of entry into...

December 30, 2020

New Law on Fiscalisation Adopted

The National Assembly of the Republic of Serbia adopted the Law on Fiscalisation, which was published in the Official Gazette of RS no. 153/2020 of December 21, 2020. This law shall start to apply from January 1, 2022. The main reason for adoption of this law is based on the need to establish a system that will ensure that any retail in goods and services and any advance payment for future retail in goods and services is registered through electronic fiscal device. Therefore, the main goals of establishment of new fiscalisation system are as follows: Efficient control of all deliveries...

December 28, 2020

Reminder for Employers to Update the Data In the Central Register of Mandatory Social Insurance

Deadline prescribed by the amendments to the Law on Central Register of Mandatory Social Insurance ("ZOCROSO") expires soon, according to which employers must adjust registered data to the Decision on single codebook for entry and codification of information in databases in the field of labour  ("Decision") no later than January 1, 2021. We have already written about this obligation for employers in the article available here. Employers i.e. applicants of single application are obliged to update the previously entered information in the single database CROSO, in relation to occupation, type and level of qualification, i.e. education that are required for...

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