Serbian Tax Administration announced that until 1st July, 2012 will begin a transition period for the implementation of the Law on Tax Procedure and Administration by which commercial banks undertake monitoring of the payment of taxes and contributions. It was also emphasized that by the end of the Year 2012 such a system of monitoring could be totally applied.
A schedule is built, by which the monitoring system of payment of taxes and contributions will be introduced in few stages. The first of these stages, is starting by 1st July, 2012. At this stage, the system of exchange of documentation should run at first, which includes many changes and the integration of banking regulations and tax system. If the establishment of such a system would be finished by early 2013. then the Tax Administration in cooperation with commercial banks will be able to fully implement all that has been required by law.
According to the original idea by amendment to this law, the goal is to implement this regulation and not to endanger anyone's business, especially not the business of banks. On the other side, the reaction from the banks assure us that there are quite large disagreements concerning the way how this regulation could be implemented.