New Law on Tax Procedure brings significantly smaller fines for non-payers

Starting 1 January 2016, all citizens who fail to pay their taxes on time will be fined RSD 5,000 instead of earlier RSD 50,000, the web portal 021 reports.

This penalty abatement is prescribed by the Law on Tax Procedure that is coming into effect on January 1st, and it applies to the tax on property, income, vessels, floating restaurants and arms. All these taxes are paid in four installments throughout the year, and any debt is finable regardless of whether it is 200 or 2,000 dinars.

Aside from lower fines for citizens, the Law also stipulates more lenient penalties for juristic persons. Namely, company owners who fail either to file their tax return within the prescribed time or to pay taxes in their entirety will be fined RSD 100,000 instead of earlier RSD 150,000.

As it was announced, a total of RSD 600 billion is currently owed to the state in taxes and contributions.