Q:
A:
Record $2 billion in FDI by end of year
Belgrade,
13 June 2005
Representatives of the Serbian Investment and Export Promotion Agency (SIEPA) stated today that foreign direct investment (FDI) in the first quarter of the year exceeded $600 million, while a record of $2 billion is expected by the end of the year.
Speaking at a Business Forum occasioned by the arrival of representatives of 15 leading Chinese companies to Belgrade, SIEPA representative Dragana Djurica told Chinese businessmen that if they invest in Serbia they will pay the lowest profit tax rate in Europe at just 10 percent, as well as the lowest personal income tax rate in the region at 14 percent.
Djurica added that investors who invest more than €8 million will be exempted from paying the profit tax in the first 10 years of their business activity in Serbia. She added that according to the law, the foreign investor is treated in the same manner as a domestic one.
Last year the Serbian parliament adopted 90 laws, of which 40 are related to the economy and which has resulted in a recognisable boost in the efficiency of the Serbian economy.
Djurica specified that the new legislation reduced the duration of the bankruptcy procedure from seven years to one year, while the registration of a firm can be completed in five to ten days.
According to the data of the Serbian Chamber of Commerce, apart from economic assistance, China have so far given $16 million in humanitarian aid to Serbia, the last tranche of which was delivered to the Bar port in December last year.
China closed the last year with a GDP of $1.65 trillion, representing a 9.5 percent annual growth rate. China's income per capita last year totalled $1,140, increasing 7.7 percent over the year previous.
Djurica added that investors who invest more than €8 million will be exempted from paying the profit tax in the first 10 years of their business activity in Serbia. She added that according to the law, the foreign investor is treated in the same manner as a domestic one.
Last year the Serbian parliament adopted 90 laws, of which 40 are related to the economy and which has resulted in a recognisable boost in the efficiency of the Serbian economy.
Djurica specified that the new legislation reduced the duration of the bankruptcy procedure from seven years to one year, while the registration of a firm can be completed in five to ten days.
According to the data of the Serbian Chamber of Commerce, apart from economic assistance, China have so far given $16 million in humanitarian aid to Serbia, the last tranche of which was delivered to the Bar port in December last year.
China closed the last year with a GDP of $1.65 trillion, representing a 9.5 percent annual growth rate. China's income per capita last year totalled $1,140, increasing 7.7 percent over the year previous.
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