The Serbian products exported to the EU member States, the Russian Federation, Belarus, Turkey, and Kazakhstan are exempted from customs duties. In recent years, the Republic of Serbia has concluded numerous free trade agreements with important international markets, such as some EFTA (Switzerland, Norway, Iceland) and CEFTA (Bosnia and Herzegovina, North Macedonia, Albania, Montenegro, Moldova, Kosovo) countries. Moreover, Serbia has preferential trade agreements with the USA.
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The Serbian Company Law provides for the following organisational and legal forms of entities:
When registering, the following is required:
Corporate income tax is imposed on entities established with the purpose of profit making. In Serbia, the tax rate on commercial activities is one of the lowest in Europe. In addition, the Republic has entered into agreements on avoidance of double taxation with 54 states (most European countries, Russia, Ukraine, Belarus, Canada, the UAE, etc.).
In order to promote investment and the development of small and medium-sized businesses, the Serbian legislation provides for such incentives, as subsidising, tax exemption (tax holiday begins once the company starts making a profit), investment tax credit, and accelerated depreciation.
Pursuant to the requirements of the local legislation, a large part of enterprises is obliged to file annual financial statements either electronically or in paper form. The amount of information to be published varies depending on the size of the company.
Financial statements reporting is regulated by the Law on Accounting, the Law on Auditing, and other normative instruments.
Accounting system in Serbia is based on the International Financial Reporting Standards (IFRS).
Mandatory financial statements are submitted to the Register of Financial Statements, which is administrated by the Serbian Business Registers Agency (since 2010).
Filing annual financial statements with the Tax Administration is obligatory for all entities.
The statements for the reporting year shall be filed no later than 30 June of the following year. Upon receipt, they are entered into the Register within 60 days.