New Rulebook on Form, Contents and Method of Keeping VAT Records, and Form and Content of the VAT Calculation Breakdown (“Rulebook”) was published in the Official Gazette of the Republic of Serbia No. 90/2017 dated 6 October 2017.
The Rulebook entered into force on 14 October 2017, but it becomes mandatory as of 1 January 2018. This Rulebook specifies the method for keeping VAT records and the obligation for submitting an overview of VAT calculation on the POPDV form.
Compared with the previous version adopted in 2016, this Rulebook has simplified the process of keeping VAT records and has reduced the amount of information that should be provided in POPDV form. The Rulebook further provides the provisions related to VAT records and VAT calculation breakdown contained in POPDV form.
VAT records
The new Rulebook envisages the obligation for VAT payers to provide the data relevant for determining the amount of VAT liabilities, through general and specific VAT records.
General VAT records should include data on:
- Supply of goods and services exempt from VAT with right to deduct input VAT (zero-rated supply);
- Supply of goods and services exempt from VAT without right to deduct input VAT (VAT exempt supply);
- VAT-able supply of goods of services and calculated VAT;
- VAT calculated on the supply of other individual/entity (reverse charge);
- Special procedures for taxation of travel agencies and used goods, works of art, collectibles and antiques;
- The importation of goods;
- Purchase of goods and services from agricultural producers;
- Purchase of goods and services, except for purchase of goods and services from agricultural producers;
- Supply of goods and services performed abroad and other supply that is not subject to VAT.
Significant advancement in keeping records relates to VAT payers – non-resident individuals and entities (“non-residents“) compared with domestic VAT payers. Namely, the general records of a non-resident VAT payer are supposed to contain the data related to the supply of goods and services in the Republic of Serbia performed by the non-resident VAT payer, supply of goods and services in the Republic of Serbia received by the non-resident VAT payer and import of goods in the Republic of Serbia.
Specific VAT records should contain data on specific type of transactions such as supplies made to diplomatic missions, supplies of waste materials, agricultural and related products, equipment and facilities for performing business activities, etc.
POPDV form
The POPDV form is to be filed and submitted together with the VAT return to the Tax Authority starting with a VAT return for January 2018, or for the first quarter of 2018 (depending on whether a VAT payer files VAT returns monthly or quarterly), electronically.
Besides the VAT payer’s data (Tax Identification Number and the name of the VAT payer) the following data should be provided in POPDV form:
- Supply of goods and services exempt from VAT with right to deduct input VAT (zero-rated supply);
- Supply of goods and services exempt from VAT without right to deduct input VAT (VAT exempt supply);
- VAT-able supply of goods of services and calculated VAT;
- VAT calculated on the supply made by other individual/entity (reverse charge);
- Special VAT regimes;
- Total amount of supply of goods and services and total VAT;
- The importation of goods;
- Purchase of goods and services from agricultural producers;
- Purchase of goods and services, except for purchase of goods and services from agricultural producers;
- VAT calculated for supply of goods and services that can be deducted as input VAT and adjustments of input VAT;
- The total value of purchased goods and services, including the importation of goods;
- VAT liability; and
- Supply of goods and services made abroad and other supplies that are not subject to VAT.