PS Confidas

Amendments to the Law on Corporate Income Tax

admin — Fri, 27 Jan 2012 14:12:56 +0000

Amendments to the Law on Corporate Income Tax have been adopted and are applicable as of 1 February 2012 and are valid for the preparation of tax balance for 2012.

ØThe user of free zone who performs manufacturing activity is exempt from the obligation to pay income tax.

ØThe income of non-resident (legal entity) realized by distribution of the remain after the conclusion of the bankruptcy and liquidation shall be taxed by withholding tax at the rate of 20%.

ØIt is introduced the possibility to recognize to the tax balance the claims write-offs under which the income is not accounted for (advance payments) if they are written off as uncollectible, and if the collection is not accomplished not even through the court procedure.

ØIn accordance with the amendments, as taxpayers are considered other legal entities (e.g. institutions) provided they generate revenues on the market exceeding 80% of total revenues and are obliged to submit tax balance and tax return in next ten years from the moment they realize income above the limit .

ØThe amounts of penalties for violations are increased, therefore the highest limit is RSD 1.000.000 (instead of RSD 600.000 up to now).

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