Category: Serbia
Serbia’s new accounting law: What it will mean for your company?
Higher size thresholds, sustainability reporting, tougher rules for bookkeeping agencies — a practical guide for managers and finance professionals to a reform that is still a draft, but worth preparing for now. Serbia is rewriting the rulebook that governs how companies keep their books and report their results. If you own or manage a company […]
Read moreGovernment continues with measures to stimulate investment, exports, employment
Prime Minister Professor Đuro Macut, MD, DSc, chaired today a session of the Council for the Coordination of Activities and Measures for Gross Domestic Product (GDP) Growth, at which macroeconomic and other key challenges were reviewed, along with current economic indicators and the further priorities of economic policy. It was noted at the session that […]
Read moreAverage salary in Novi Sad in April lower than in March
According to data from the Statistical Office of the Republic of Serbia, the average gross salary in Novi Sad for April this year was 191,525 dinars, including taxes and contributions, meaning that residents of Novi Sad earned less than in March. Without taxes and contributions, the net salary in the capital of Vojvodina in April […]
Read moreThe Pension Insurance Law New changes
The new changes to the Pension insurance law will give professional soldiers the right to retire under the same conditions as officers and non-commissioned officers. Also, additional years of service will help pensioners increase their pensions. Moreover, new rights will appear for farmers.
According to amendments to the Law on Pension and Disability Insurance, professional contract soldiers will get an old-age pension after completing 40 years of pensionable service and reaching at least 53 years of age. It will bring their status into line with that of other members of the professional armed forces.
Also, new amendments will include the right to attendance allowance and care assistance into the insured risks covered by the pension and disability insurance system for the first time.
As for pensioners who continue working after retirement, recipients of old-age and early retirement pensions who accumulate at least one additional year of pensionable service after retiring will be able to apply for a recalculation of their pension.
A new, more favorable pension amount, will be calculated by the Pension and Disability Insurance Fund (PIO Fund) in such cases. The additional period of service completed will be the basis of this new pension amount.
Farmers will be also affected by some amendments. For example, holders of family agricultural holdings who pay income tax on self-employed activities or value-added tax (VAT) will get mandatory insurance coverage in the future.
However, there will be the possibility of suspending insured status in cases of natural disasters, illness or maternity leave.
New categories of insured persons are also in the draft law. They are employees working for foreign employers that do not have a registered representative office in Serbia. The condition is application of Serbian regulations to them in accordance with the rules governing the coordination of social security systems.
According to the proposed amendments, people acquire old-age and early retirement pensions only after insurance coverage has ceased. Nevertheless, there are certain exceptions for specific categories of insured persons and individuals. Their most recent insurance coverage should be in countries with which Serbia has concluded social security agreements.
Reimbursement of funeral expenses is also among the changes. According to the proposal, persons who bear the costs of burying beneficiaries of certain disability-related benefits and residual work-capacity benefits will get it.
They expect most provisions of the law to enter into force on the eighth day following publication in the Republic of Serbia’s Official Gazette. Nevertheless, it will be possible to apply for provisions relating to harmonization with European Union rules only after Serbia joins the EU.
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Read moreNew changes to the Pension Insurance Law
Professional soldiers will gain the right to retire under the same conditions as officers and non-commissioned officers, pensioners will have the opportunity to increase their pensions through additional years of service, and new rights will be introduced for farmers. Professional soldiers serving under contract could soon become entitled to an old-age pension under the same […]
Read moreSerbia preparing Artificial Intelligence Law
Serbia could soon adopt its first Artificial Intelligence Law, which will be largely aligned with the European Union’s AI Act, the most comprehensive artificial intelligence legislation in the world. The plan is for the new law to introduce clear rules for the development and use of AI, particularly in higher-risk areas such as healthcare, education, […]
Read moreSerbia’s business environment is driving its integration into the EU
On the geographic and political frontier of the European Union lies the Western Balkans: Serbia, Albania, Montenegro, and Bosnia and Herzegovina. Almost three decades after the wars that defined a generation, these are states still in the midst of determining their respective future identities and positions within Europe: some are readily aligning with the EU […]
Read moreA new model of taxation of citizens if Serbia enters the EU
The Ministry of Finance has published a proposal for the Law on Personal Income Tax, which would begin to be applied from the date of Serbia’s accession to the European Union. The law stipulates that all natural persons who generate income pay the tax. Taxation income is regulated exclusively by this law, and tax reliefs […]
Read moreMore than 100,000 foreign workers registered in Serbia last year – tougher controls
The arrival of foreign workers in Serbia has long ceased to be a matter of choice and has become a necessity. There are around ten times more of them than a decade ago, particularly in construction, hospitality, and transport. Daniel Igrec, Assistant Minister for Labour, spoke to Radio Television of Serbia about the procedures the […]
Read moreIs Serbia’s pension and salary contribution system sustainable?
Although Serbia’s population is ageing and the number of working-age citizens is declining, the pension system can continue functioning for a long time yet, Professor Mihail Arandarenko told Insajder. However, he warns that the main problem is not the sustainability of the system itself, but the fact that an increasing number of pensioners will have […]
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