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Retail prices up 0.8 percent in
November
Belgrade, Nov 28, 2003 - Serbia's retail prices in November
inched up 0.8 percent from the last month, with prices of commodities and
services rising by 0.7 percent and 1.2 percent, respectively, the Serbian
Statistical Office said in a statement.
Compared with December 2002, retail prices increased by seven
percent.
The cost of living rose 0.9 percent against October, climbing
7.2 percent compared with last December.
Prices of oil derivatives added 0.17 percent points to the
overall retail price increase in November, food products 0.13 percent points and
agricultural produce around 0.10 percent points, the statement said. Other
products affected the total price growth in an interval ranging from -0.01 to
+0.01 percent points.
Source: Web Site of Serbian Government
Government approves changes and
amendments to public procurement law
Belgrade, Oct 2, 2003 - The Serbian government has approved a bill on changes and amendments
to the Law on public procurements to grant preferential status to local
suppliers, boost competition, establish a more efficient public procurement
supervision, simplify the procurement procedure and reduce costs and
irregularities.
Source: Web Site of Serbian Government
Serbia, Russia to resume clearing
debt talks on Sept 10
Serbian Minister of Finance and Economy Bozidar Djelic said
that the problem of the former Soviet Union's clearing debt to Serbia will be
resolved by the end of the year, adding that the Russian government has made
some concessions in a bid to work out a compromise solution that would suit both
sides.
Source: Web Site of Serbian Government
80 percent of customs positions
agreed on April 30, 2003
Belgrade, April 30, 2003 - Serbian Deputy Prime Minister Cedomir Jovanovic
and Montenegrin Finance Minister Miroslav Ivanisevic said that the two
republics' delegations agreed on 80 percent of the customs positions within the
action plan on harmonisation of economic relations between Serbia and
Montenegro. They confirmed their stands that the foreign trade regime be defined
by the same laws.
The two ministers said that the remaining 20 percent of the positions will be
agreed on in the forthcoming period. The issues that are disputed come from
specific economic circumstances that are characteristic for Serbia and
Montenegro.
The customs procedure that was accepted by the Serbian government today is in
line with measures and procedures earlier adopted by the Montenegrin government.
The decrees on accounting and sales taxes create a functional market which
doesn't know for boundaries, Jovanovic said.
Source: Web Site of Serbian Government
IMF grants new 137-million-dollar
instalment to Serbia-Montenegro
Washington, 18. 04 2003 - The International Monetary Fund (IMF) late on
Wednesday granted a delayed loan instalment amounting to 137 million dollars to
Serbia-Montenegro.
Source: TANJUG
Serbian government adopts bills on concessions, leasing
The Serbian government on Thursday adopted bills on concessions
and financial leasing and sent them to parliament for urgent adoption, the
government said in a statement.
The bill on financial leasing introduces a modern type of financing of basic
production tools, making them more available to entrepreneurs and enterprises,
while the bill on concessions will secure an additional inflow of investments to
be invested in the national and local infrastructure, the statement said.
Source: Invest-in-Serbia.com
Serbian government approves full
liberalisation of crude oil import
Belgrade, 04. 04 2003 - The Serbian government on Thursday adopted a decree
on special conditions and ways for the import and processing of oil and oil
derivatives, envisaging a full liberalisation of crude oil import as of May 1.
Source: Tanjug
RANING
LIST OF A AND B CATEGORY BANKS BY TOTAL SAVINGS DEPOSITS ON 09/30/2003
|
In thousand USD
|
|
Rank
|
Bank
|
Foreign savings |
Dinar savings |
Total savings
|
01
|
Komercijalna banka a.d. Beogradd |
223.809 |
6.255 |
230.064 |
02
|
Raiffeisen bank Yugoslavia a.d. Beograd |
211.203 |
489 |
211.692 |
03
|
Vojvođanska banka a.d. Novi Sad |
88.998 |
16.306 |
105.304 |
04
|
Societe Generale Yugoslav Bank Beograd |
89.389 |
167 |
89.556 |
05
|
Delta banka a.d. Beograd |
62.691 |
2.191 |
64.882 |
|
06 |
ProCredit Bank a.d. Beograd |
45.554 |
807 |
46.361 |
07
|
Nacionalna štedionica - banka a.d. Beograd |
38.255 |
53 |
38.308 |
08
|
HVB banka Jugoslavija |
34.394 |
5 |
34.399 |
09
|
Poštanska štedionica a.d. Beograd |
18.522 |
13.555 |
32.077 |
10
|
Zepter banka a.d. Beograd |
26.535 |
1.104 |
27.639 |
11
|
Novosadska banka a.d. N.Sad |
18.319 |
3.321 |
21.640 |
12
|
Jubanka a.d. Beograd |
18.800 |
1.036 |
19.836 |
13
|
Agrobanka a.d. Beograd |
9.264 |
2.387 |
11.651 |
14
|
Continental banka a.d. Novi Sad |
9.379 |
1.607 |
10.986 |
15
|
Eksim banka a.d., Beograd |
10.043 |
70 |
10.113 |
|
Total for top 15 banks |
905.155 |
49.352 |
954.507 |
|
Total - other banks
|
77.963 |
9.002 |
86.965 |
|
Total - new savings |
983.118 |
58.354 |
1.041.472 |
Source: National Bank of Yugoslavia
For more please see:
 Ranking
List of "A" and "B" Category Banks
by Total Savings Deposits on 31/3/2003
List
of Banks in Serbia
List
of Banks Authorized for Performing International Operations
List
of Banks Authorized for Performing International Operations
Accounts of Non-residents with Yugoslav Banks
Non-residents may open dinar of foreign exchange accounts with
any licensed bank under conditions stipulated by the Articles 39 and 40 of the
Foreign Exchange Transaction Law.
No restrictions are envisaged for withdrawing of foreign
currency cash for the purposes of diplomatic/consular representative offices,
international humanitarian and other organizations and withdrawing of funds by
non-resident bodies corporate to be used for humanitarian purposes.
Nevertheless, withdrawing of dinar funds can be effected up to the amount
stipulated by the regulations on dinar cash transactions on the territory of the
FR Yugoslavia.
Source: National Bank of Serbia
Sales Tax and
Excise Duty Relating to Transactions Between Serbia and Montenegro
Two recently adopted decrees regulate certain sales tax and
excise duty issues involving transactions between Serbian and Montenegrin
entities.
Sales Tax
Montenegro -----> Serbia:
The general rule is that the sale of goods by a Montenegrin
seller to a Serbian purchaser is considered an import in Serbia and, therefore,
subject to sales tax in Serbia. (A Serbian taxpayer who purchases tobacco
products, alcoholic beverages, coffee, motor oil, diesel fuel and heating oil
from Montenegro is obliged to pay sales tax).
However, the purchase of:
- Equipment by a Serbian taxpayer from a Montenegrin seller for
business purposes (Article 11 of the Sales Tax Act (STA)) is not liable to sales
tax in Serbia.
- Goods by a Serbian taxpayer from a Montenegrin seller for,
for example resale or further production (Article 31 of the STA), are tax-exempt
under the conditions prescribed by Article 4 of the same law.
Specific evidence validating sales tax exempted goods remains
obligatory.
Serbia -----> Montenegro
The general rule is that the sale of goods by a Serbian seller
to a Montenegrin purchaser is considered an export and it is not liable to sales
tax in Serbia.
A Serbian taxpayer who sells tobacco products, alcoholic
beverages, coffee, motor petrol, diesel fuel and heating oil to a Montenegrin
purchaser may be refunded input sales tax paid.
Excise Duty
Montenegro -----> Serbia
Excise duty shall not be charged and paid on goods acquired by
a Serbian purchaser from a Montenegrin seller, if it has been paid in
Montenegro. However, if the excise tax paid in Montenegro is lower than the
amount payable in Serbia, the excess must be paid.
The Customs Authority is responsible for calculating and
collecting the excise duty.
Serbia -----> Montenegro
Excise duty shall be charged and paid in Serbia on products
sold by a Serbian seller to a Montenegrin purchaser.
The Decrees
The issues discussed above are regulated by the following
Decrees:
1) On calculation and payment of sales tax on goods and keeping
evidence for sales made between Serbia and Montenegro, "Official Gazette of RS",
No 45/2003 and
2) On calculation and payment of excise duty in sales made
between Serbia and Montenegro, "Official Gazette of RS", No 45/2003.
Source: Ministry of Finance and Economy
Serbian parliament
adopts Law on Guarantee Fund
Belgrade, 28. 05 2003 - The Serbian parliament on Tuesday
adopted by a majority vote the Law on Setting Up A Guarantee Fund which opens up
possibilities for the faster development of small and medium-sized firms.
Source: TANJUG
Road toll prices
The average road toll price per km for passenger cars is €.0518 in Serbia
(for foreign travelers), in Hungary and Bulgaria €0.09, in Croatia €0.035,
Slovenia €0.045, Italy €0.051, Portugal and Spain €0.058.
The Serbian Agency of Roads and Highways has announced an international
tender for the installation of a road toll payment system. The Agency of Roads
and Highways expects this year's income from road toll to reach as much as €80
million. As much as €200 million could be earned next year, in view of the
Olympic Games in Athens.
Source: Invest-in-Serbia.com
Laws from web site of Ministry of Finance and
Economy
|
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US resumes normal trade relations
with Serbia-Montenegro
Belgrade, Dec 4, 2003 - The Unites States will resume normal
trade relations (NTR) with Serbia-Montenegro as of Dec 4, 2003. With the
restoration of NTR, US tariffs on goods from Serbia-Montenegro will decrease
from the 37 percent average under the non-NTR tariff schedule to the standard
NTR rates of less than three percent average. This move will increase the
competitiveness of goods exported from Serbia-Montenegro to $1.3 trillion and
thus contribute to the growth of the economy, employment opportunities and
investment in Serbia-Montenegro.
US Secretary of State Colin Powell certified in early November
that Serbia-Montenegro met the criteria set forth in the Public Law 102-240 for
the restoration of NTR status with the US. The legally mandated 30 day waiting
period has now expired, and resumption of NTR between the US and
Serbia-Montenegro will become effective on Dec 4, 2003.
Source: Web Site of Serbian Government
Serbia CHANGE petrol AND diesel
prices Belgrade, Oct 20, 2003 - Oil product prices have have
been changed, as part of the
government's attempts to bring petrol and diesel retail prices in line with
prices on the EU markets.
The move, in line with the Serbian decree on prices of oil derivatives,
adopted on May 23, marks the government's tenth attempt to harmonise retail
prices of petrol and diesel with EU market prices.
| |
Oil product |
Price din/lit |
| 1. |
MB 86 |
46,20 |
| 2. |
MB 91 |
47,80 |
| 3. |
MB 95 |
49,30 |
| 4. |
MB 98 |
53,70 |
| 5. |
BMB 95 |
49,30 |
| 6. |
Diesel D-1 |
39,50 |
| 7. |
Diesel D-2 |
38,90 |
| 8. |
Euro diesel |
44,50 |
| 9. |
Heating oil EL |
38,60 |
|
Note: Prices effective from
October, 20. 2003. |
New Customs tariffs system
The new Customs tariffs system, representing an integral part
of the Action Plan for the harmonization of the Serbian and Montenegro economic
systems, has entered in effect on August 15th of the current year. This tariffs
system contains 93% of harmonized customs duties rates, so that only 56
remaining products customs rates will be subject to further harmonization. One
part of the mentioned rates should be applicable for an18 months period, while
the other part will stay in effect for 24 months, after being adopted.
The customs rates harmonization represents the firs step of the
harmonization Action Plan, aimed to facilitate free circulation of goods and
capital all over the national territory, and bring us closer to the EU standards
in the matter.
The Action Plan for the harmonization of the Serbian and
Montenegro economic systems, adopted by both the Governments of the Republic of
Serbia and Montenegro, has been published on July 1st 2003, in the “Official
Gazette f the Republic of Serbia” No. 67/2003, while the enclosed customs
tariffs details have been published on August 14th, in the “Official Gazette f
the Republic of Serbia” No. 81/2003.
Source: Ministry of Finance and Economy
Tax Implications of
Financial Leasing
The recently adopted Law on Financial Leasing and changes to
the Sales Tax Law have significant implications for lessors and lessees.
I. PURCHASE OF ASSET BY THE LESSOR
An amendment to the Sales Tax Law (the Law) provides a sales
tax exemption for the purchase of assets (including equipment, cars and
watercraft) by the lessor for the purpose of financial leasing (articles 3 and 4
of the Law). This places the lessor in a position similar to other purchasers of
assets for business purposes.
II. CONCLUSION OF A CONTRACT FOR FINANCIAL LEASING
a) Sales tax on goods
Delivery of leased assets by a lessor to a lessee is considered
a taxable supply under the Sales Tax Law.
If the leased asset constitutes equipment for the purpose of
the lessee’s registered business activity, sales tax on goods is not due
provided that ‘written statement PI-3’ (exemption for ‘equipment for registered
business activities’) is supplied by the
lessee (sales tax law, article 11, paragraph 1, point 15 and
paragraph 5 of the same article).
However, when the leased asset is a new motor vehicle (or
watercraft) subject to annual registration, the lessee pays sales tax on goods.
The taxable base is the purchase value (excluding interest).
b) Sales tax on services
Leasing services are sales tax exempt (article 17 of the Law).
III. TRANSFER OF OWNERSHIP TO THE LESSEE
Strictly according to current legislation, 5% tax on transfer
of absolute rights is (article 23 of the Property Tax Law) is due when ownership
of motor vehicles is transferred from the lessor to the lessee. The tax base is
the market value. Tax on transfer of absolute
rights should be declared within 10 days of the transfer.
It is expected that application of this tax in this situation
will be abolished shortly.
Source: Ministry for International
Economic Relations
Serbian Parliament adopts laws on concessions, financial leasing and guarantee
fund
Belgrade, May 27, 2003 - The Serbian Parliament adopted on Tuesday bills on
concessions, financial leasing and guarantee fund, as well as a law abolishing
the hitherto existing Law on the Yugoslav Chamber of Commerce, and appointed
Goran Radenovic the ninth member of the Broadcasting Council.
Under the new Law on concessions, concessions can be granted for up to 30
years based on the principles of free market competition, participation in a
tender and an agreement stipulating the legal terms and compensation for using
natural and other resources.
The Law on financial leasing provides for the procurement of modern equipment
without using own capital or loans, also allowing temporary use of equipment
whose purchase is not in the state's long-term interest.
The Law on guarantee fund, also adopted at Tuesday's session, will create
opportunities for the development of small and medium-sized enterprises.
The Parliament also approved a law abolishing the hitherto existing Law on
the Yugoslav Chamber of Commerce and appointed Goran Radenovic ninth member of
the Broadcasting Council.
Source: Web Site of Serbian Government
All property above 20 million
dinars to be declared
All citizens who own property worth more than 20 million dinars (€315,000)
are obliged to declare it by June 30, said Serbian Finance and economy Minister
Bozidar Djelic in its interview to Vecerne Novosti daily. These citizens will
start to pay taxes on their property and are obliged to explain its origin.
Source: Invest-in-Serbia.com
Law on Concessions
Published in the Official Herald of RS no. 55/2003 of 27 May 2003
The recently adopted law on Concessions (the Law) defines:
- terms, method and procedure on granting concessions for using
natural resources or assets of general use which, by the law have been
designated as the property of the Republic of Serbia, and which are intended for
activities of common interest.
- object of the concession;
- duration of the concession;
- concession contract;
- concession fee;
- methods of realizing concession rights and obligations;
- establishment and operation of a concession company;
- other issues.
Definition of Concession
A concession is the right to use natural resources, assets of
general use or to perform activities of common interest, which a competent state
body (Grantor) concedes to a domestic or foreign person (Grantee) for a limited
period of time, under the terms prescribed by this Law and upon the payment of a
concession fee.
Concessions include so-called B.O.T. (build-operate-transfer)
systems.
Object of a Concession
The object of a concession may be:
- researching and exploiting raw materials (minerals);
- constructing, renovating, maintaining and utilizing of:
- various water supply facilities;
- roads;
- public railway infrastructure;
- air traffic facilities;
- river traffic facilities and ports;
- telecommunication facilities;
- oil pipelines, gas pipelines and other gas and oil facilities;
- public utilities;
- power-generating and heating facilities;
- river and lake banks;
- medical institutions;
- sports and recreation facilities, sports fields and areas;
- tourist facilities and infrastructure;
- using thermal springs;
- other activities specified by the Law as activities of common interest.
Terms, Method and Procedure for Granting Concessions
Terms
A foreign physical or legal person cannot be granted a
concession for specific activities in Serbia where, in accordance with the law
regulating foreign investments, a foreign entity may not establish a company.
Procedure
A competent ministry, a competent body of an autonomous
province or a competent body of local self-government submits a proposal for
granting a concession to the Government of Serbia.
An interested entity submits a proposal for a concession to the
competent bodies.
The Government shall give its opinion on the proposal within
four months of Submission (For concession for using natural resources of
specialthe Republic Parliament)
Method
A concession is granted by public tender.
By exception, if a public tender could endanger national
security, it may be ruled out by the Government.
The tender committee, appointed by the competent ministry,
shall administer the public tender.
The tender committee shall submit its report and proposal to
the Government within 60 (sixty) days from the opening of bids.
The final decision on the Grantee shall be taken by the
Government within 30 (thirty) days from receipt of the committee’s report and
published in the Official Herald of RS.
Duration of Concession
A concession may be granted for a period of up to 30 (thirty)
years.
Concession Contract
A concession contract shall be concluded within 60 (sixty) days
from the enforceability of the Government’s decision on granting the concession.
The contract shall be signed by the Grantee and the Grantor (the Government or
other competent body) and inscribed in the registry of concessions kept by the Ministry of Finance.
Source: Ministry of Finance and Economy
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