Serbia: New VAT recordkeeping, calculation guidelines | KPMG | GLOBAL

Serbia: New VAT recordkeeping, calculation guidelines

Serbia: New VAT recordkeeping, calculation guidelines

A new “rulebook” (as the guidelines are referred to under Serbian law) on value added tax (VAT) was published in the official gazette on 6 October 2017. The new rulebook concerns recordkeeping for VAT purposes and VAT calculations, and its provisions will be effective beginning 1 January 2018.

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The new rulebook specifies the method for keeping VAT records and a requirement for submitting an overview of VAT calculations on a form (POPDV form). 

  • The POPDV form is to be filed starting with the tax return for January 2018, or for the first quarter of 2018 (depending on whether the VAT-payer files VAT returns monthly or quarterly). 
  • If the POPDV form is not filed along with the VAT return, it will be deemed that a tax return was not filed.

KPMG observation

Compared to the previous 2016 rulebook that was to be effective starting January 2018, the new rulebook generally simplifies the VAT recordkeeping and reduces the number of information items to be entered in the POPDV form.

However, the method of keeping VAT records and preparing the POPDV form continues to impose greater demands in terms of information to be provided, and this will require changes to be made in accounting software and/or in the program used for preparing VAT records.

 

For more information, contact a KPMG tax professional in Serbia:

Biljana Bujic | +381 112 050 511 | bbujic@kpmg.com

Igor Loncarevic | +381 112 050 570 | iloncarevic@kpmg.com

Dusan Popovic | +381 112 050 726 | dpopovic@kpmg.com

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