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New calculation and tax payment in 2013th

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New calculation and tax payment in 2013th

09.12.2012 Comments: 0

New calculation and tax payment in 2013th

 

Starting with the January 1st 2013th, Serbia will get a new VAT law. According to this document, there will be new way of calculation and payment of taxes. The most important change is that small and medium-sized companies will be paying tax only when they are paid for theire goods and services. “SVM United Business Solutions” will help to all the citizens who need advice regarding the new tax liability, because it, among other things, provide such services.

Calculation and tax payment - delayed

 

The biggest change in the new VAT law is that VAT collection - after firms get their money for sold goods and services. Many companies have had a big problems because they had to pay VAT when they sold merchandise, not when they collect money. It is known that in Serbia many companies wait for months for the collection of receivables but VAT has had to be paid immediately - say “SVM United Business Solutions”.

Not applying on small companies

 

Under the new law, small and medium-sized companies with annual turnover less than eight million are still taxed like before. They have to inform the tax authorities within five days of any changes in the application that may be relevant to the new calculation and payment of VAT regulation. Minister of finance Mladjan Dinkic announced that law firms, or watch maker firm will be taxed differently, in proportion to their economic strength.

A longer period for notification

 

The deadlines for tax notification to authorities were extended from 10 to 15 days, for those firms who pay taxes per month. Those who do it en every three months, deadline was extended to 20 days. Deadline for the reprogram of debts from the current tax year is also extended for two years.

Biggest changes

 

Parents who pay taxes on baby equipment, and earn less than 80,000 dinars could get their VAT back. Farmers will get back eight percent od VAT instead of five. There are changes in the construction industry also. The investor will be paying VAT, not the contractor as it was before. According to Dinkic, there will be introducing of the transactions taxation on so called “tax havens” countries. Tax rate on that transfers will be 30 percent.

VAT rose in October 2012th to 20 percent

 

Since October the 1st, VAT rate increased from 18 to 20 percent. The special VAT rate on basic foodstuffs, books and computers has not been changed, and it is still eight percent.

“SVM United Business Solutions” tests software for VAT checking

 

“SVM United Business Solutions” is currently testing changes to the software-related records, so its business accounting package “SVM Syntegra” could work with changed VAT calculation and payment system.

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