Tax resident and foreign freelancers in Serbia 

Freelancers pay taxes and contributions on income earned on a quarterly basis by submitting an online tax return. Tax residents of Serbia have the option to claim a tax credit for taxes paid in another country, provided they possess the relevant certificate from the competent state authority of the foreign country indicating the paid tax amount. This is applicable irrespective of whether a double taxation avoidance agreement has been concluded.

Non-residents have the option to register as freelancers in Serbia and report their taxes, provided they possess either a foreigner registration number or a tax identification number. It is crucial for non-residents to hold an approved stay in Serbia or to register themselves with the Tax Administration as taxpayers through a tax attorney. Notably, non-residents are not required to obtain a work permit. They can legally reside in Serbia with an approved temporary stay and engage in freelance work without establishing an employment relationship.

From 2023: option to chose between two taxation models

Since 1 January 2023, freelancers in Serbia have the option to choose between two taxation models, enabling them to optimise their tax liability. The first model is more favourable for novice freelancers or for those for whom freelancing represents merely an additional income source. The second model is a more advantageous choice for individuals for whom freelancing constitutes their primary source of income.

Both models are built upon the recognition of specific standardised costs that reduce the tax base, with the amount and method of determining these costs varying significantly depending on the chosen model. 

According to the first taxation model, which can be chosen by freelancers in Serbia, the tax base is the gross income reduced by a fixed amount of standardised costs, approximately EUR 800, on a quarterly basis, on which a tax rate of 20% is applied. The base for contributions for mandatory pension and disability insurance is the taxable income of the freelancer, which is subject to a rate of 24%. The base for health insurance contributions is the same as the tax base, but it cannot be lower than approximately EUR 390, to which a rate of 10.3% is applied.

According to the second taxation model, which can be chosen by freelancers in Serbia, the tax base is the gross income reduced by an absolute amount of standardised costs, approximately EUR 490, on a quarterly basis, and a relative amount of standardised costs of 34% of the gross income. Tax rate in this model is 10%. The base for contributions for mandatory pension and disability insurance is the same as the tax base, but it cannot be lower than approximately EUR 890 on a quarterly basis (this condition does not exist in the first model). The base for health insurance contributions is the same as in the first model.

Exemptions from contributions

When it comes to contributions for the pension and disability insurance fund, there is no obligation for freelancers in Serbia to pay them if the work is performed abroad and the income is earned from a foreign payer (primarily important for tax residents of Serbia).

There is no obligation to pay health insurance contributions for freelancers in Serbia if the person is health-insured in Serbia on another basis or is health-insured in another country with which Serbia has concluded an international agreement regulating health insurance.

The consulting team of WTS Serbia has extensive experience providing tax advisory services to companies and individuals, including expat workers. Please do not hesitate to contact their experts if you have questions related to the taxation of freelancers in Serbia.

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Reasons to invest in Serbia 

The Serbian tech industry is a very dynamic industry. Serbia is a proud nation of great scientists (Nikola Tesla, Mihajlo Pupin, Milutin Milanković), the School of Electrical Engineering (University of Belgrade) and Mathematical Grammar School are recognised worldwide – their students continue their education at the world’s best universities and work for the largest technology companies.

Serbia generates 10% of GDP from the ICT sector and is one of the main exporting industries. The country has such successful start-up stories, as the Nordeus (Top Eleven Football Manager), FishingBooker (Airbnb of fishing trip charters) or 3Lateral (designing games such as GTA V, Batman, and Spiderman). It is one of the best outsourcing and nearshoring destinations in Europe and many multinational technology companies are already doing business in Serbia (Microsoft – Development Center, SAP, NCR).

There are many reasons to invest in Serbia, but for the technology sector two reasons are especially important. These are the attractive workforce and the significant tax incentives available for a Serbian IT company.

Labor environment in Serbia

Foreign companies like to work with a Serbian IT company for the following reasons:

• Good knowledge of English language and other European languages (mainly German)
• Compatible cultural background: Serbian culture is a specific mix of Western European, Eastern European (Slavic), Mediterranean, and oriental influences. Therefore, employees from Serbia can adapt to working with people from everywhere.
• Time zone: Serbian time is only one hour ahead of London time
• Cost efficiency

The total number of employees in the ICT (information and communication technology) sector in Serbia was 105,572 in Q4 2021, which is an increase of 9.2% in comparison with the same quarter of 2020. The total workforce in ICT is 4.7% of a total number of employees in Serbia (source: Republic Office for Statistics, Republic of Serbia). In 2021, average net salary at a Serbian IT company was approximately EUR 1,500 / month.

Corporate income tax incentives for a Serbian IT company

The government of the Republic of Serbia issued changes in Corporate Income Tax Law several years ago in order to help Serbian companies which are developing intellectual property and other intangibles (such as own branded software). Those are the following incentives:

• Research and development expenses are deductible in double the amount in the tax balance sheet.
• 80% of revenue is generated on the basis of intellectual property registered in Serbia (except the transfer of ownership right on the property), after some adjustments are made.

Investments into the equity of a newly founded innovative company are subject to a tax credit in the amount of 30% of made investments. The maximum amount of tax credit for investment in one company is RSD 100 million (roughly EUR 850,000) and can be used in a period of up to three years. The total amount of tax credit that can be used in one fiscal year is RSD 50 million (roughly EUR 425,000).

Separately from tax incentives available for an innovative Serbian IT company, for all companies in Serbia, there is an opportunity for ten year of corporate income tax holiday if:

• investments in fixed assets are made in amounts higher than RSD 1 billion (roughly EUR 8.5 million),
• at least 100 people are employed.

Although the standard corporate income tax rate is fairly low (15%, regardless of the level of generated revenue), it can get significantly lower with these incentives.

Personal income tax incentives for a Serbian IT company

There is a possibility for tax relief on the part of personal income tax liabilities:

• for Serbian citizens who did not live in Serbia for at least 12/24 months before entering into a labour agreement with a Serbian company,
• for employees who work on research and development activities,
• if employing persons who were registered as unemployed for at least six months,
• if employing disabled persons.

Targeting the right IT company

When identifying the right target for acquisition, you need to start with your strategy. You need to ask yourself:

• Where is my company (business) right now? What is my strategy for the next period?
• What do I want to achieve with my acquisition? How will that affect my existing business and my strategy?
• What do I want to do with the acquired company?
• What resources (financial and other) do I have in order to perform the acquisition?

From a financial perspective, there are three main reasons to acquire a company:

• Buying an undervalued company: you are able to purchase a company for a much lower price than its value
• Better management: you are able to manage the company in a better way than the current owner (better financing, higher revenue – new clients and new projects, lower expenses – higher efficiency)
• Synergy: your company and the company you acquire value more together than if they operate separately. You may be able to finance a consolidated company for lower costs. Market strength of a consolidated company could be greater (e.g. you become more attractive for new clients when you unite your resources). The consolidated company could operate more efficiently (less overhead expenses, smaller administration staff, etc.)

After you answer all these questions, you will be able to form a profile of your target Serbian IT company. You may use qualitative criteria, such as:

• type of services provided
• type of industry it provides services to
• country in which it operates

Also, quantitative criteria are important, such as profit margins, level of generated revenue, level of debt etc.

Cooperating with the target

You may already know your target. Maybe you already cooperate with a Serbian IT company. You know the owners, the employees, and the quality of work they perform. But before you go in negotiation, you should take a glance at their financials:

• What is their revenue growth? Did sales prove to be immune to crises (Covid19, recession, Russia – Ukraine war, etc.)?
• What about their bottom line? Do they have a proven track record of several consecutive profitable years?
• Are they in excessive debt? Were their bank accounts frozen?

At the end of initial negotiation, you should agree on some general conditions of acquisition, as well as on non-binding and indicative purchase value.

Part 2 of this article covers the second part of the process of buying IT company in Serbia: M&A analysis, acquisition agreement, and post-acquisition integration. If you are interested, please click here!

The consulting team of WTS Serbia has extensive experience providing services to technology clients. WTS Serbia is a one-stop shop advisory firm that can assist you in the whole process of acquiring and managing a Serbian IT company (including identifying and also contacting new target IT companies).

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Who must prepare a transfer pricing report? 

A Serbian entity that enters into transactions with related parties is obliged to prepare a transfer pricing report. Two parties are related if:

• one party controls more than 25% of the shares in the other party;
• one party controls more than 25% of the voting rights in the other party’s management bodies;
• both parties are controlled by the same individual/company (more than 25% of the shares/voting rights).

In addition, if a Serbian entity enters into transactions with companies from tax havens (such as Hong Kong, Panama, Liechtenstein, Monaco, British Virgin Islands, US Virgin Islands, etc.), it is also obliged to prepare a transfer pricing report and provide evidence that these transactions are in line with the arm’s length principle.

A full transfer pricing file is needed for the following types of transactions:

• Financial transactions (such as loans and credits), regardless of their value. (However, if a Serbian entity receives an interest-free loan from a related party, a transfer pricing analysis is not mandatory.)
• Commercial transactions (sale/purchase of goods, services, property, etc.) with a related party, provided that the total annual value of transactions with that party is higher than RSD 8 million (roughly EUR 68,000).

If the total annual value of commercial transactions with a related party is lower than RSD 8 million (roughly EUR 68,000), the taxpayer is obliged to present these transactions, but there is no obligation to further analyse them from a transfer pricing perspective.

The transfer pricing report is submitted to the tax authorities for each fiscal year.

Is the transfer pricing regulation in Serbia aligned with the OECD Guidelines and BEPS?

The Serbian Ministry of Finance regulates transfer pricing on the basis of documentation published by the OECD and other international organisations, so we can say that transfer pricing regulation in Serbia is mostly aligned with the OECD Guidelines. However, in the Serbian Rulebook on transfer pricing there are some significant differences:

• In Serbia, a benchmarking analysis must be prepared for each fiscal year. Comparable independent companies from Serbia have priority over foreign comparable entities. If there are no comparable companies in Serbia, the geographic search may be extended to similar markets (Balkan states, Eastern Europe, European Union, etc.).

• It is not mandatory to prepare a master file. However, the information from the master file may be used in analysing transactions with related parties.

• The last version of the OECD Guidelines, published in July 2017, proposes the simplified approach in the analysis of low-value – adding intra-group – services (implementation of 5% cost plus margin without the need for benchmarking analysis). However, such approach is not regulated in the Serbian Rulebook on transfer pricing. Therefore, for intercompany services it is necessary to perform a functional analysis, a comparability analysis, as well as a benchmarking analysis (if there is no internal comparable transaction).

Although Serbia is not an OECD member state, it has started implementing BEPS measures. The National Assembly ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. In addition, Serbia is a member of the OECD/G20 Inclusive Framework on BEPS and is expected to propose new taxation rules for the digital economy. Therefore, transfer pricing regulation in Serbia will follow presented BEPS measures and initiatives.

What transfer pricing methods are applicable in Serbia? 

List of applicable transfer pricing methods in Serbia:

• comparable uncontrolled price (CUP) method
• cost plus (C+) method
• resale (RS) method
• transactional net margin (TNM) method
• profit split (PS) method

Combining two or more presented transfer pricing methods is also possible.

If none of these five methods is applicable in a certain case, a taxpayer may decide to use any other method for drawing a conclusion on price in accordance with the arm’s length principle. For example, in the case of a purchase/sale of property, an independent appraiser may be engaged to value the subject of the transaction. The estimated property value may then be used as an arm’s length price.

Are Advanced Pricing Arrangements (APAs) applicable in Serbia?

APAs do not exist in Serbian transfer pricing regulation. Therefore, it is not possible to obtain approval from the tax authorities on group transfer pricing policy.

Are there any safe harbour rules in Serbia?

Safe harbour rules do not exist in Serbian transfer pricing regulation. Thus, each transaction with the related party must be analysed in detail (e.g. functional analysis, comparability analysis, benchmarking analysis, etc.).

What are the penalties in the case of non-compliance with the transfer pricing regulation in Serbia?

If a taxpayer does not prepare and file a transfer pricing report for the tax authorities, the following expenses may be expected:

• penalty for a company not filing a transfer pricing report for the tax authorities: from RSD 100,000 (roughly EUR 850) to RSD 2 million (roughly EUR 17,000)
• penalty for a responsible individual not filing a transfer pricing report for the tax authorities: from RSD 10,000 (roughly EUR 85) to RSD 100,000 (roughly EUR 850)

• additional corporate income tax based on adjustment of tax base (if the transfer pricing analysis proves that the taxpayer’s tax base is lower than the tax base in accordance with the arm’s length principle)

• interest for not paying corporate income tax until the deadline

If additional corporate income tax is higher than RSD 1 million (roughly EUR 8,500), the offence may be considered tax evasion and may lead to imprisonment for the individuals responsible.

If you would like to know more about transfer pricing regulation in Serbia, you need help to prepare a transfer pricing report or you require transfer pricing consulting services in Serbia, please contact the consulting team of WTS Serbia, the exclusive representative of WTS Global in Serbia.

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Main rules in the CIT Act

Serbian withholding tax is paid on the statutory income that a non-resident legal entity derives from a resident legal entity. However, it should be noted that payers of Serbian withholding tax may also be non-resident legal entities in certain cases provided for by law.

Serbian withholding tax is calculated and paid on the following incomes generated by non-resident legal entities:

• income from dividend and profit shares in a legal entity
• income from copyright and related rights and industrial property rights
• interest income
• income from the lease and sub-lease of real estate and movable property on the territory of the Republic of Serbia
• income from market research, accounting and auditing services and other legal and business consulting services, regardless of where they are provided or used or where they will be provided or used (detailed description in the Rulebook issued by the Ministry of Finance)

20 or 25%: what does it depend on?

The rate at which income is taxed is 20% if the income is generated by a non-resident legal entity outside a jurisdiction with a preferential tax system (tax haven).

If the entity receiving the income from royalties, interest, lease and sub-lease fees of real estate and movable property in the territory of the Republic of Serbia, as well as fees on the basis of services (all services) regardless where they are provided or used, or where they will be provided or used, is from a jurisdiction with a preferential tax system, the Serbian withholding tax rate is 25%.

A non-resident legal entity may be a payer of Serbian withholding tax at a rate of 20% on the basis of realised capital gains, income generated from the lease and sub-lease of real estate and movable property in the territory of the Republic of Serbia, and on the basis of all the aforementioned income generated from the settlement of claims in the process of realisation, or in any other claim settlement procedure.

Serbian withholding tax and double taxation treaties

The Republic of Serbia has signed 60 treaties on the avoidance of double taxation, most of them with European countries.

The rates in these double taxation treaties (DTT) take priority over the withholding tax rate defined by the law.

Also, on the basis of DTTs or the provisions defined therein and based on the law, an entity may be exempted from the Serbian withholding tax in certain cases where it is possible to prove that the contracted non-resident is the actual owner of the income and they have a certificate on the residency of a non-resident legal entity. It means that if an entity receives services from abroad, you should first check whether there is a double taxation treaty with that particular country.

Click here if you would like to read the full article including all rates per country by types of income, the Serbian withholding tax relating to license and IT maintenance services or management fees and other details!

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The new draft of Corporate Income Tax Law in Serbia presents tax advantages for companies with intellectual property registered in Serbia, as well as for companies who perform research and development activities or perform / invest in innovative business activities in Serbia.

Depreciation costs

For tax purposes, depreciation of fixed assets will be calculated by using proportional method on the purchase value for each asset separately (in existing law degressive method is used), while for assets acquired during tax period, proportional method is implemented in proportion with the period between acquisition period and the end of tax period. In case the depreciation calculated in line with accounting regulation (IFRS) is determined in lower amount than the tax depreciation, as expenses in tax balance sheet accounting depreciation will be recognized.

Promotion costs

The limit for recognizing promotion costs in tax balance sheet (10% of total revenue) will be eliminated.

Tax incentives

According to the new draft of Corporate Income Tax Law in Serbia, revenue of tax payer, who registers software / copyright from 2019, in accordance with the law which regulates copyrights and similar rights, generated from this right (e.g. selling licences) will not be taxed in amount of 80% after certain adjustments.

Research and development costs

The costs directly related to research and development activities in Republic of Serbia can be deducted twice in tax balance sheet.

Capital gains

According to the proposed changes to the Corporate Income Tax Law in Serbia, in income tax base will be included 20% of capital gains generated in transfer of rights in total of:

• copyright or similar right,
• right on the invention in accordance with the law which regulates patents.

Tax resident, which generates capital gains by selling assets in other country and pays capital gains tax in that country, can reduce its corporate income tax in Serbia for the amount of taxes paid in other country.

Tax advantage for investments in newly founded companies which perform innovative business activities

The goal of new regulations is to ease access to capital to newly founded companies which perform innovative business activities, as well as to make other companies invest in innovative companies more easily. The suggested changes present the right for tax credit in amount of 30% of invested funds (but not higher than RSD 100 million – roughly EUR 850,000 – of tax credit) for taxpayer which invests in capital of newly founded company which performs innovative business activities.

The newly founded company which performs innovative business activity, is a company not older than three years, mainly performing innovative business activities, according to the law regulating innovative activities (activities of creating new or significantly changing existing products, technologies, processes and services, all according to the market needs).

Besides, the new draft of Corporate Income Tax Law in Serbia presents five additional conditions company must meet in order to qualify as a newly founded innovative company.

If you would like to know more about the changes and amendments of the Corporate Income Tax Law in Serbia, please visit the homepage of WTS Serbia.

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According to the latest TP-related changes in the Serbian Corporate Income Tax law, the taxpayer is not obliged to assess the price according to the “arm’s length” principle in the case of the sale of fixed assets to a related party. 

On 14 December 2017, the National Assembly of Republic of Serbia enacted changes and amendments of the Serbian Corporate Income Tax law, in order to harmonise the country’s tax regulation with European Union’s tax regulation.

Subjects to capital gains tax according to the new Serbian Corporate Income Tax law

Regarding transfer pricing, the most important change in the Serbian Corporate Income Tax law is following: n the case of the sale of fixed assets to a related party, on the basis of which capital gain (loss) is calculated, the taxpayer is not obliged to assess the price according to the “arm’s length” principle, since market price is used in calculating capital gain (loss). According to the Article 27, Paragraph 1 of the Serbian Corporate Income Tax law, sales of the following types of fixed assets are subject to capital gains tax:

• property which is or was used for operating activities, including property under construction;

• industrial property (such as patents, industrial designs, etc.);
• interests in the capital of legal entities and other securities, which are recognised as long-term financial placements according to IAS/IFRS, with the exception of bonds issued in accordance with the regulations dealing with settlement of commitments of the Republic of Serbia based on the loan towards economic development and household foreign exchange savings and debtor securities issued in accordance with the law by the Republic, an autonomous province, a local self-government unit or the National Bank of Serbia;
• investment units bought by open investment funds, in accordance with the law dealing with investment funds.

Clarifications

For transactions involving the sale of fixed assets other than the types mentioned above and for transactions involving the purchase of fixed assets, taxpayers are obliged to assess the price according to the “arm’s length” in their local transfer pricing files.

For example, if a Serbian company sells software produced in Serbia to a non-resident parent company, this transaction is not subject to capital gains tax, since software is considered a copyright, not an industrial property. Therefore, the Serbian company is obliged to compare transfer price with the price “out of reach”.

According to the Serbian Corporate Income Tax law, for commercial transactions with a single related party of total value below RSD 8 million (roughly EUR 65,000), the taxpayer is obliged only to disclose them, not to analyse them. In the changes presented, paid and received advances are no longer included in total value of commercial transactions with a related party. 

If you would like to know more about the changes and amendments of the Serbian Corporate Income Tax law, please visit the homepage of WTS Serbia.

WTS Klient Hungary is a member of the WTS Global transfer pricing consulting team. As a member of this team we endeavour to find solutions to seemingly impossible problems with the help of personal contacts, regular training and consultations, and relying on the WTS Global central TP team. Should you have questions we are happy to assist you.

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Serbian legislation does not provide for consignment stock; a suggested replacement for consignment stock would be a customs warehouse. In our article we present two possibilities: goods withdrawn from a customs warehouse by a customer and by a foreign legal entity.

Goods withdrawn from customs warehouse by customer

In accordance with Article 10a, paragraph 1 of the Serbian Law on Value Added Tax (VAT), a foreign person who trades in goods and services in the Republic of Serbia is obliged to appoint a tax proxy.

Yet according to Article 10a, paragraph 2 of the Serbian Law on VAT, a foreign person who only performs taxable sale of goods and services in the Republic of Serbia for VAT taxpayers is not obliged to appoint a tax proxy.

In case that customer imports goods to Serbia, the foreign legal entity will not perform taxable sale of goods in Serbia, so there is no obligation for the foreign legal entity to appoint a tax proxy.

As Serbian legislation does not regulate consignment stock, the foreign legal entity may store the goods in a customs warehouse until the goods are withdrawn by the customer. The stock of the goods in the customs warehouse is defined in detail by the Serbian Customs Law. In accordance with Article 128 of the Serbian Customs Law, foreign goods which are not subject to import duties and commercial policy measures can be subject to customs warehousing.

Bearing the above in mind, the goods in the customs warehouse are not subject to VAT. In accordance with Article 3 of the Law on VAT, the subject of VAT shall be imports of goods into the Republic of Serbia. When the goods are withdrawn from the customs warehouse by the customer they are cleared through customs and imported into Serbia. The customer is obliged to pay the VAT calculated by customs within eight (8) days of the date on the customs document.

Our conclusion is that a foreign legal entity storing goods in a customs warehouse, where goods are withdrawn by the customer, does not have an obligation to register for VAT or pay VAT.

Goods withdrawn by foreign legal entity 

In line with the afore-mentioned Article 10 of the Serbian Law on VAT, a foreign person trading in goods and services in the Republic of Serbia is obliged to appoint a tax proxy.

Furthermore, according to Article 10a, Paragraph 2 of the Law on VAT, a foreign person only performing the taxable sale of goods and services in the Republic of Serbia to VAT taxpayers is not obliged to appoint a tax proxy. In short, a foreign legal entity is not liable to register for VAT if the goods will be sold to VAT taxpayers in Serbia.

As mentioned above, goods in a customs warehouse are not subject to VAT. When the goods are withdrawn from the customs warehouse by the foreign legal entity, they are subject to VAT. In this case the foreign legal entity is obliged to pay the VAT calculated by customs within 8 days of the date on the customs document.

In summary, a foreign legal entity who stores goods in a customs warehouse and then imports them into Serbia is not obliged to register for VAT but has to pay VAT at the time of the import.

If you would like to know more about the customs warehouse or other taxation issues in Serbia, please visit the homepage of WTS Serbia.

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