Work on Bill on Income Tax, Bill on Public Companies completed

The Ministry of Finance and Economy of Serbia announced Thursday that a public discussion on the Bill on Income Tax of Juristic Persons and the Bill on Public Companies had been completed.

As it was announced, the final text of both bills is published on the website of the Ministry of Finance and Economy (www.mfp.gov.rs).

The Ministry said that the Law on Income Tax of Juristic Persons would provide for bigger revenues in the budget and easier operations of companies in Serbia.

The new law introduces the taxation of services at the rate of 25 percent, which juristic persons from Serbia pay to companies registered in tax havens. The aim of the legislator is to prevent the drain of untaxable revenues.

The Ministry cited the following reasons for the promulgation of the Law on Public Companies: professionalization of the work of public companies, appointment of directors through open job competitions with the aim of getting as good management as possible, and harmonization with the Corporate Law.

The Law on Public Companies should professionalize operations and increase the efficiency of management on both republic and local level, the Ministry explained.