Prime Minister Ana Brnabic opened today a Modine plant in Sremska Mitrovica and thanked this American company for investing in Sremska Mitrovica, especially for employing young people.
Q:
A:
New tax incentives for youth employment
Sremska Mitrovica,
7 October 2019
In that regard, Brnabic announced a series of tax incentives from 1 January 2020 for youth employment.
This is exactly what the government of Serbia has in mind, the employment of young people. I hope that the Tax Bill Amendments will be adopted to encourage youth employment.
This will mean that from 1 January 2020, all companies that hire new people, especially young people, will be exempted from 70% of their first year's tax payments, 65% in the second, 60% in the third year, Brnabic announced.
She urged US companies to invest in research centres in Serbia, as Serbia is a leader in the region in this area.
The Prime Minister praised local self-government for attracting foreign investments, and stressed that US companies are an important partner in boosting Serbia's economy.
US companies have invested over $4 billion in Serbia and employed over 20,000 people, she said.
Minister-Counsellor of the US Embassy to Serbia Gabriel Escobar said he is proud that the embassy was a partner in attracting US investment in Serbia.
We believe that US business is the best in the world and that Serbia's workforce meets our standards. We are pleased to continue to cooperate with government representatives at all levels in Serbia and support the reforms that Serbia is implementing, Escobar said.
Modina Serbia Director Dejan Nestorovic said the opening of a new 3,500-square-foot facility in Sremska Mitrovica represents a significant step forward in the company's operations.
Modine has 12,000 employees on five continents.
Over €1 million has been invested in Sremska Mitrovica, with a total of 45 employees and a total of 270 employees in the coming period.
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