Recent amendments in corporate taxation in Serbia were introduced on March 23 and came into force on March 27. The discrete revision and immediate implementation of the legislation is the outcome of the fact that this reform was pending for more than two years; the proposed amendments awaited the ratification by the parliament since fall 2007.
The main changes that caused the reaction of the tax advisers community are summarised below:
The time frame allowed for carrying forward losses is reduced from 10 to five years;
With the permission of the minister of finance or the governor of the national bank of Serbia the fiscal year of a company, can be different than the calendar year. Such tax year must correspond to 12 months and be maintained for at least five years;
Expenses incurred for sport, humanitarian, educational and cultural are now deductible...
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