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Dinkic presents Serbian government’s economic policy
Belgrade,
17 January 2005
Serbian Minister of Finance Mladjan Dinkic presented today the Serbian government’s results in 2004 and economic policy for 2005 to diplomatic representatives from several developed countries as well as EU members.
Mladjan Dinkic
Dinkic pointed out that economic growth in 2004 amounted to over 8 percent, which was the highest level in Serbia over the past 25 years. The budgetary deficit in 2004 was half that of the year before, amounting to 1.7 percent of GDP, he said. He recalled that Serbia received an international credit rating in 2004, which should result in a reduction of credit rates offered to corporate clients and citizens.
The finance minister said that our country renewed an arrangement with the International Monetary Fund (IMF) and the World Bank, adding that an additional $700 million of debt write-off to the Paris Club is expected this year in a move that will reduce public debt to 49 percent of GDP.
Presenting tax relief programmes, Dinkic pointed out that as of January 1, all new workers have been relieved of the 14 percent income tax. Those with the initiative to run their own business will be able to take loans from the Crediting Fund, which will provide funds amounting to 600 million dinars for micro-loans.
He said that the 10 percent corporate profit tax in Serbia is the lowest in Europe, and went on to say that the introduction of the value-added tax (VAT) and other measures this year will reduce the level of grey economy from the current 35 percent to below 20 percent.
The meeting with the finance minister was attended by over 60 ambassadors and economic advisors from developed countries as well as members of the EU, who expressed a high level of interest in the government’s employment measures.
The finance minister said that our country renewed an arrangement with the International Monetary Fund (IMF) and the World Bank, adding that an additional $700 million of debt write-off to the Paris Club is expected this year in a move that will reduce public debt to 49 percent of GDP.
Presenting tax relief programmes, Dinkic pointed out that as of January 1, all new workers have been relieved of the 14 percent income tax. Those with the initiative to run their own business will be able to take loans from the Crediting Fund, which will provide funds amounting to 600 million dinars for micro-loans.
He said that the 10 percent corporate profit tax in Serbia is the lowest in Europe, and went on to say that the introduction of the value-added tax (VAT) and other measures this year will reduce the level of grey economy from the current 35 percent to below 20 percent.
The meeting with the finance minister was attended by over 60 ambassadors and economic advisors from developed countries as well as members of the EU, who expressed a high level of interest in the government’s employment measures.
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