The Serbian Ministry of Finance issued rulebooks on VAT records, as well as a rulebook governing the procedure for filing personal income tax returns. The Rulebook on the form, contents and the method of keeping VAT records, as well as on the form and contents of review and the calculation of value added tax (VAT Rulebook) was enacted in October.

The VAT Rulebook should start to apply from the 1st of January, but according to the latest information available on the website of the Ministry of Finance, the application will be postponed until the 1st of July, 2018. This change will be reflected in the amendments to the VAT Law that are expected to occur by the end of 2017.

The VAT Rulebook prescribes that VAT payers have to prepare their VAT calculation sheets and enclose them with their VAT returns. In order to apply the new rules on VAT records, VAT payers will have to adjust their accounting software. Therefore, the postponed application is going to allow VAT taxpayers to be duly prepared for the new VAT Rulebook.

In addition, the new Rulebook on the Forms of Tax Returns for the Assessment of Personal Income Tax (PIT Rulebook) was enacted. The PIT Rulebook introduces changes to the procedure of filing tax returns for individuals generating capital gains, as well as for entrepreneurs who are paying taxes to lump-sum income. The PIT Rulebook will start applying on the 1st of January, 2018.

Individuals who generate capital gains will be able to file their tax returns electronically starting from the 1st of January, 2018. Alternatively, individuals may file their tax returns in hardcopy.

The tax returns for the assessment of personal income tax and social contributions for lump-sum incomes will be filed solely in electronic form starting from the 1st of January, 2018. The new rulebooks are another step in the process of the development of an electronic communication with the tax authorities.