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Tax Breaks To Drive Auto Industry In Serbia

by Ulrika Lomas, Tax-News.com, Brussels

04 August 2016


Serbia's free trade zones and low taxes will contribute to strong automotive industry growth in the country over the next three years, according to market research firm Technavio.

Serbia's favorable tax regime was cited in a new report by Technavio as one of three probable drivers of growth in the auto industry for the period 2016-2020, alongside a skilled workforce and government subsidies.

Serbia currently has 14 free trade zones which provide exemptions from value-added tax and customs duties, as well as exemptions on certain local taxes. Free zone companies also benefit from expedited customs clearance and other administrative procedures.

These factors will contribute to compound growth in Serbia's auto industry of six percent until 2020, Technavio predicts.

"The taxes levied in Serbia are one of the lowest in Europe, and investors benefit from tax incentives that provide a conducive business environment for new entrants," observed Siddharth Jaiswal, a lead auto accessories analyst at Technavio. "This is helping in attracting new players and FDI into the market."

TAGS: environment | tax | business | value added tax (VAT) | tax incentives | Serbia | manufacturing | trade | free trade zone | Europe

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