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Tax System

VAT

The VAT rates are as follows:

The standard VAT rate - 18% (for most taxable supplies);
The lower VAT rate - 8% (for basic food stuffs, daily newspapers, utilities etc.).

Corporate Profit Tax

Corporate profit tax is paid at the uniform rate of 10%. Non-residents are taxed only based on their income generated in Serbia. The taxable base is profit determined by adjusting the accounting profit as stated in the profit and loss statement and in accordance with IFRS, accounting legislation, and the provisions of the Corporate Profit Tax Law.

Personal Income Tax

The personal income tax rate is 12% for salaries, while other personal income is predominantly taxed at the rate of 20%.

Social Insurance Contributions

Social security contributions are paid by both the employer and the employee. The base for calculation of social security contributions is the gross salary. The minimum base for contributions is 40% of the average monthly salary in Serbia, while the maximum base is 5 times the average monthly salary.