Miskovic freed from taxes - Sale of Delta Maxi to Belgium's Delhaize not to increase budget revenues

Miroslav Miskovic will not pay the state of Serbia the tax on the transaction involving the sale of his stake in Delta Maxi to Belgium's Delhaize Group. As the Tax Administration of the Republic of Serbia explained to Danas daily, Miskovic is freed from paying that tax on the basis of the Double Taxation Avoidance Agreement concluded between the Republic of Serbia and the Republic of Cyprus in 1986.

As Danas learns, Miroslav Miskovic formed a new business entity in Belgrade on 18 June 2011, under the name of Delta Capital, which is 100% owned by the company Astatine Holdings Limited from Cyprus and holds 82.20-percent stake in Delta Maxi Belgrade.

Tax collectors believe that the tax on the "announced turnover" of that company will be paid. So far, the Business Register Agency has not made any changes in Delta Capital's file.

According to the Income Tax Law, the citizens of the Republic of Serbia are to pay the capital gains tax in the amount of 20%. Capital gains also represent a difference between the selling price of the rights, stakes or securities and their purchase price. "The tax payer who had held a right, stake or security in his portfolio before the sale prior to 24 January 1994 shall not be liable for capital gains tax by selling them," reads the Law.

Delhaize Serbia d.o.o. Beograd

Poreska uprava Srbije

Delta capital Beograd

Agencija za privredne registre Beograd