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Serbia Steps Back From Second Property Tax

By Lorys Charalambous, Tax-News.com, Cyprus

10 May 2013


Serbia has stepped back from a plan to tax second properties worth more than EUR50,000.

Speaking on an economics news programme, Finance Minister Mladjan Dinkic explained that it had been discovered that many people have second properties which they have inherited and are currently unable to sell. He suggested that the tax will be implemented at a future date, but that under current conditions the tax would have had an impact on the middle classes rather than just the wealthiest owners. He added that there are 750,000 more properties than there are households in Serbia.

However, Dinkic emphasized that that political pressure had not played a role in the decision. He reiterated the government's commitment to tax reform, especially in the area of the "gray economy," and he warned that from the second half of this year the tax authorities will be cross-referencing assets and income. Those who live in large properties but are unable to explain how they can afford to do so will be liable to pay extra tax.

TAGS: tax | property tax | Serbia | ministry of finance | tax authority | tax reform

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