The position of the National Bank of Serbia concerning individuals who purchase shares of a foreign entity through their employer in Serbia (when the foreign entity is the “founder” of the Serbian employer) has been clarified.
According to the bank’s position, there are no impediments for Serbian resident individuals employed by a domestic company (subsidiary), whose founder is a foreign company (the parent company), from purchasing shares of the parent company through the subsidiary (when the subsidiary executes payment on behalf of the employees to the parent company for the purchased shares).
Read a January 2017 report [PDF 436 KB] prepared by the KPMG member firm in Serbia: Purchase of shares of foreign related party of employer of employees purchasing shares
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.