Debt collection in 2016 at record-breaking RSD 905 billion – Number of newly registered companies increases by 19%

Two thirds of the budget are provided by revenues collected by the Tax Administration. This year, taxmen have collected the record breaking RSD 905 billion. Experts asses that, aside from tax collectors' efficiency, this is also a result of the integration of the shadow economy in the legal framework, but also the growth of the production.

The increase of 10% in tax revenues in 2016 measures in billions.

– In the first nine months, the Tax Administration collected RSD 85 billion of public revenues more than in the corresponding period of 2015 – explains Mira Stanojev of the Tax Administration.

The excise tax revenues have grown by 20% to RSD 166 billion, VAT by 20%, and contributions by 4.5%. Even though its percentage in total revenues is not that big, the income tax revenues have increased the most, by 28%. Since this is a reflection of the profit made, the jump sends an encouraging message.

– It is indicative of economic activity, which is in line with economic indicators. For example, the most important one – the growth of industrial production – will end the year with a 5% growth – says Miladin Kovacevic, Director of the Statistical Office of the Republic of Serbia.

In one year of joint operations of inspection services, the number of newly registered companies increased by 19%. Of the 600 companies discovered to have operated illegally, only 50 haven't switched to legal operations. Even though they've spent less time in companies since they started working together, inspection services have started producing better results.

The most important thing for businessmen at the moment is that the relevant ministry has revoked the regulations on VAT returns, which should have come into effect on January 1, 2017.

– We have looked into each complaint, examined the need to amend the law on VAT, which is to be done in line with the new amendments – points out Minister of Finance Dusan Vujovic.

Poreska uprava Srbije

Ministarstvo finansija Republike Srbije

Tax Administration

Dusan Vujovic

tax collection

tax revenues

Mira Stanojev

excise tax revenues

VAT

income tax

Miladin Kovacevic

Statistical Office of the Republic of Serbia

tax inspection

regulations on VAT returns

law on VAT