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Taxation in Serbia

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Taxation in Serbia

The standard Corporate tax rate in Serbia is 15%, although some deductions might apply.[1] The standard VAT rate is 20% and the lower rate is 10%.[2] Income from dividends is a subject to a 15% tax.[3] Serbia has tax treaties with most countries in Europe, but with not many countries outside of Europe.[4]

The standard personal tax rate is 10%. If the individual earns more than 3 times average salary, an additional tax rate of 10% is applied. For a person earning six times the average salary, an additional 15% is applied on top of the previously described taxes. It must be clear that all the tax rates described are cumulatively applied, one on top of the other.[3]

Obligatory contributions for state funds by an employee (up to a certain amount) include:[5]

  • 13% state pension fund
  • 6.5% state health fund
  • 0.5% unemployment insurance

Obligatory contributions for state funds by an employer (also capped) include:

  • 11% state pension fund
  • 6.5% state health fund
  • 0.5% unemployment insurance

The effective personal income tax rate is therefore somewhere in the range 20%-41%.[6] Capital gains are not subject to personal income tax.

References

  1. ^ Company Taxation Law
  2. ^ VAT Law in Serbia
  3. ^ a b Personal Taxation Law
  4. ^ Tax Treaties Summary for Serbia 2012
  5. ^ Maximum contributions for state funds by Accountancy Association of Serbia
  6. ^ Working calculator
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