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Serbia Promises Better Tax Collection and Reforms

By Lorys Charalambous, Tax-News.com, Cyprus

11 July 2013


Serbia's Finance Minister Mladan Dinkic has promised reforms of the country's tax service, while IMF resident representative Bogdan Lissovolik has suggested a temporary solidarity tax as a budget measure.

The two men made the comments during a conference on Serbia's economy and business climate that took place earlier this week. The event was organized by the EU Delegation to Serbia, the Serbian Business Club, the Foreign Investors Council, and AmCham Serbia, and was attended by Government, IMF, and World Bank representatives.

It was explained that revenue collection should be improved, in order to minimize the grey economy, and that tax law should be implemented consistently through more detailed instruction and training given to the Tax Administration. From January 2014, payments to the tax service will be made through a single account, and from the end of June next year all filing will be done electronically.

Dinkic also explained that the Government was not prepared to accept a recommended cut of 10 percent in public wages and pensions. This prompted Lissovolik to suggest the solidarity tax as an alternative.

Attendees at the conference agreed that reforms to the economy should focus on restructuring, and possibly selling, public companies, as well as on liberalizing state-controlled prices, enabling competition and limiting subsidies. Further, obstacles to employing more experienced workers should be removed, and reforms put in place to make construction easier.

The organizers of the conference state that Serbia’s business sector is willing to support reforms in a "constructive and responsible manner," which will lead to accelerated economic activity and the realization of Serbia’s full potential as the central economy of the region.

TAGS: tax | business | commerce | International Monetary Fund (IMF) | Serbia | ministry of finance | tax authority | tax reform | chamber of commerce

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