Also in the news...
UK-Norway Iceland Liechtenstein free trade agreement
Business guidance, reports and other documents to help you understand the UK-Norway, Iceland, and Liechtenstein free trade agreement (FTA).
Essential Steps Before Launching an International Auction Business
Expanding a business internationally presents unique challenges, particularly when that business involves auctions. The global auction market continues to grow as more entrepreneurs see its potential for reaching new customers across borders. However, success in this specialised field requires careful planning and the right technological foundation.
Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts
UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.
British aerospace manufacturers to benefit from UK-US trade deal
British aerospace manufacturers to benefit from UK-US trade deal as further details announced
PM secures new agreement with EU to benefit British people
UK secures new agreement with the European Union to support British businesses, back British jobs, and put more money in people’s pockets.
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.