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Forex Market is also known as Foreign Exchange Market or Currency Trading Market.
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VAT Law Amendments In Serbia
Serbia Managing Director Jelena Cuk and VAT expert Jacek Szufan outline some key aspects of the draft Law on Amendments of the VAT Law which has been forwarded to the Serbian Parliament for adoption.
From 1 October 2015 foreign entities will be able to register for VAT in Serbia by appointing a tax proxy – the proxy acts in the name of the foreign entity and for its account, holding joint liability.
Requirements for registration of foreign entities for VAT have not been specifically defined at this point. Serbian tax administration is yet to issue guidance about this. While this remains undefined, requirements for the tax proxy have been clearly outlined as per the below:
- Registered for VAT for at least 12 months
- No outstanding tax liabilities as of when the request is submitted
- No criminal or tax offence convictions
- Received status of the proxy by the Tax Authorities decision
The draft Law on Amendments of the VAT Law also stipulates that where services are provided electronically by a foreign entity that is not obliged to register for VAT in Serbia, to an entity/individual that does not pay VAT, the duty to charge VAT sits with an entity that collects in the name and for the account of the foreign entity.
The quarterly and monthly VAT return submission deadline has been shortened to 15 days from 1 January 2016 while a VAT calculation breakdown will need to be prepared and submitted along with the tax return as of 1 January 2017.