Higher income tax as of 1 January 2013

Businessmen in Serbia will be paying higher corporate income tax starting 1 January 2013 and not 1 October 2012, as it was announced by the Belgrade media, People at the Ministry of Finance and Economy said this to eKapija.

When asked what concrete changes businessmen could expect, people at that ministry were unable to give a precise answer because, as they explained, "the preparation of a bill is underway and we do not know all the details yet, except that the income tax will be increased to 15 percent."

- One of the tasks entrusted to task forces that have recently started operating as part of the Ministry of Finance and Economy is to prepare amendments to the Law on Corporate Income Tax. This Law will be sent to the Serbian parliament for adoption together with the 2013 Budget Law, and new provisions should be in effect as of 1 January 2013 - said people at the Ministry of Finance.

As they announced, the Ministry will definitely present this Draft Law to the public, experts and businessmen through public discussions, where everybody will be able to give his or her contribution.

Aside from a higher income tax, businessmen will soon also be paying a higher value added tax.