The goal of the new tax reliefs in Serbia is to encourage science and youth entrepreneurship

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The results in the fight against the gray economy also dictate the speed of tax relief on labor, the Minister of Finance told RTS. After the amendments to several tax laws, the announced tax reliefs will be valid from January 1, which will encourage scientific research, employment and entrepreneurship of young people.
If you are under the age of 40, you will not pay extra taxes next year, but for this year’s salary, which is above three average salaries per month. That measure also goes to freelancers.
“To all young people who earn maybe a little more than the average, but our goal is to return such highly educated people from abroad. Somewhere around 8,000 young people paid that annual personal income tax, the total amount is a little over 16.9 million euros. So, in a way we give up so much income, but I think we get a lot more,” Mali points out.
The second measure applies to everyone who is employed for the first time, regardless of age. However, the competent service says that they are targeting even younger.
“Somewhere around 100,000 young people under the age of 30 are on record, which will make that employment both bigger and more sustainable,” believes the director of the National Employment Service, Zoran Martinovic.
The employer will be exempt from 70% of taxes and contributions for three years, provided that he does not lay off workers during that period. In one of the companies in the chemical industry, they say they did not do that even during the pandemic.
The owner of the company “Essence”, Miomir Nikolic, says that the company expanded its team with 11 people last year and this year.
“It is very important to us what new solutions they will give when it comes to researchers, because we need people in intellectually high positions,” Nikolic added.
The goal of the measures, which also reduces the tax on researchers’ salaries by 70%, is for companies to open scientific research centers in our country, with an offer of high salaries. Who belongs to that circle of researchers will be additionally determined.
Mali points out that over 5.08 billion euros of budget revenues is value added tax.
“The stronger the fight against the gray economy, the more we issue fiscal invoices, the more value added tax is collected, the more space we have to reduce other forms of taxation, the absolutely clear the strategy is,” the line minister points out.
In addition to the new tax reliefs, from January 1, taxpayers will read fiscal invoices in real time, and electronic invoices will be introduced, which will further tighten the noose around the gray economy, RTS reports.