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Serbia To Tackle Tax Cheats To Broaden Tax Base

by Lorys Charalambous, Tax-News.com, Cyprus

05 March 2014


Serbia's Finance Minister Lazar Krstic has promised to expand the tax base by clamping down on the country's 'grey economy' before the end of the year.

Speaking on television, Krstic also confirmed that Serbia's solidarity tax would remain in place, due to the size of public sector earnings, but added that there was no room for tax increases.

Krstic previously said in October that Serbia was currently losing out on between EUR850m and EUR1bn in revenue due to tax evasion. However, he added at the time that reforms were now being implemented, and that formerly "untouchable" business figures were being indicted.

Krstic made his new comments ahead of a two-week visit from the International Monetary Fund, which is currently under way, and before an early election due to take place on March 16.

Krstic is a financial expert with no party affiliation, appointed to his position in August 2013 by Deputy Prime Minister Aleksandar Vucic. Vucic's Serbian Progressive Party is currently part of a ruling coalition, and Vucic is expected to become the next Prime Minister.

TAGS: Finance | tax | business | Serbia | ministry of finance | revenue statistics | tax reform | Tax | Tax Evasion

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