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VAT preparations in final stage
Belgrade,
15 December 2004
Director of the Serbian Tax Administration Vladimir Ilic has said that preparations for value added tax, due to take effect on January 1, are in their final stage and he announced that the Tax Administration will stage a mock implementation of VAT on December 25 to test the software solutions.
Ilic told a press conference that all the bylaws needed for the implementation of VAT have been adopted.
According to him, the Tax Administration has prepared 19,000 posters themed “Why VAT is Being Introduced,” with the aim of educating taxpayers, as well as over half a million copies of Guide to VAT that will be handed out to citizens.
Ilic also said that the Ministry of Finance and Tax Administration have reached an agreement with certain groups of manufacturers and traders to amend the VAT legislation in April and May 2005, and explained that such changes took place in all the countries that have introduced VAT. In Great Britain, according to Ilic, the VAT law has been changed three times.
Ilic said that the Tax Administration has created a register of 82,000 VAT payers, which he said will enable every one of them to get information about their business partner’s status.
He added that the guidelines defining which goods and services will be taxed at the special VAT rate of eight percent could be changed by the end of the year. This, according to him, might bring down the prices of these products, currently taxed with a 20 percent sales tax. Ilic added that bakery and milk products could be added to the list of goods subject the special VAT rate.
According to him, the Tax Administration has prepared 19,000 posters themed “Why VAT is Being Introduced,” with the aim of educating taxpayers, as well as over half a million copies of Guide to VAT that will be handed out to citizens.
Ilic also said that the Ministry of Finance and Tax Administration have reached an agreement with certain groups of manufacturers and traders to amend the VAT legislation in April and May 2005, and explained that such changes took place in all the countries that have introduced VAT. In Great Britain, according to Ilic, the VAT law has been changed three times.
Ilic said that the Tax Administration has created a register of 82,000 VAT payers, which he said will enable every one of them to get information about their business partner’s status.
He added that the guidelines defining which goods and services will be taxed at the special VAT rate of eight percent could be changed by the end of the year. This, according to him, might bring down the prices of these products, currently taxed with a 20 percent sales tax. Ilic added that bakery and milk products could be added to the list of goods subject the special VAT rate.
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