Also in the news...
Brilliant Borders: Kenya's Customs goes digital
A new app will save time and money for big businesses and small traders alike, as a longstanding Kenya-UK partnership further improves cross-border trade.
Yorkshire family brewery taps into new export opportunities with Government guarantee
UKEF support helps Wold Top brewery to expand its exports into new markets.
Bond Support Scheme
Find out about the Bond Support Scheme - how it works, its benefits and how to apply.
UK and African business leaders arrive in Togo to create trade and investment deals
The event brings together delegations from ten African nations alongside leading UK companies and investors to advance partnerships that promote economic growth and jobs.
Countering sanctions evasion: guidance for freight and shipping
For freight forwarders, carriers, hauliers, customs intermediaries, postal and express operators, and other companies facilitating the movement of goods.
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.
Got questions? Contact our expert VAT team.