Invoicing and Tax regulation in Serbia
Invoicing Regulation in Serbia
Invoicing in Serbia is regulated under the Law on Financial Management and Control in Public Finance and Value Added Tax Act. It is mandatory for businesses to issue invoices for all goods and services provided. Certain details such as the supplier's name, ID number, and a sequential invoice number must be included in all paperwork.
Real-Time Reporting / Fiscalization in Serbia
In Serbia, real-time reporting and fiscalization are mandatory as guided by the Fiscalization Act. Businesses must provide real-time data for all fiscal transactions to the Tax Administration office, and each fiscal invoice must be assigned a unique protection code after registration on the fiscal system. Non-compliance can result in severe penalties.
E-Invoicing in Serbia
E-invoicing in Serbia is not a mandatory requirement, though it is increasingly popular. The Law on E-Trading addresses the legal status of electronic invoices but does not enforce their usage. However, businesses must ensure e-invoices contain all information required of a traditional invoice and are stored safely for auditing.
VAT/GST/Tax Compliance in Serbia
In Serbia, Value Added Tax (VAT) is mandatory for all businesses that exceed the annual turnover of 8 million RSD. The standard VAT rate is 20%, but there are reduced rates of 10% for essential goods such as food and medicine. Businesses are obliged to be tax compliant as stipulated by the Law on Value Added Tax.