New taxes as of 2014 - Even property not in possession to be taxed

As of early 2014 property tax will be charged to all companies using a property, regardless of whether it is in their possession, Adviser to the Serbian Finance Minister Milica Bisic said Wednesday.

- Taxpayers are all those who either own or use a property, but paying taxes can also be a reason to acquire property - she said at a conference on the reform of property taxation in Serbia, which was organized by the Permanent Conference of Cities and Municipalities (PCCM) at Sava Center.

Bisic pointed out that the main reasons for amendments to the Property Tax Law were the integration of the building land use fee into the property tax and a fairer distribution of tax burden proportionally to the taxpayer's economic power.

Amendments to the Property Tax Law, due to come into effect on 1 January 2014, will increase the certainty and predictability of the costs of public duties and affect the reduction of administrative expenses.

Bisic specified that taxpayers themselves would appraise the market value of property and be held responsible for that appraisal.