Measures of the Ministry of Finance
The taxpayers who have already set up a payment plan with the Tax Authorities, will be relieved from: (i) termination of their payment plan agreements, (ii) cancelation of decisions on a payment plan and (iii) enforced tax collection in respect of a payment plan.
The rules will be applied starting from an instalment due in March 2020.
During the state of emergency, interest on unpaid tax balances is equated to key policy rate of the Central Bank. The same interest rate will apply to overpaid taxes.
The National Bank of Serbia slashed its key interest rate by 0.5% to 1.75% on 11 March 2020.
The above rules are envisaged by: Decree on Tax Measures During State of Emergency Aimed at Reducing Economic Effects of COVID-19 Disease Caused by Virus SARS-CoV-2, that came into effect on 20 March 2020.
Measures of the Central Bank
The Central Bank adopted a decision on moratorium on debts towards banks and financial lease providers.
The moratorium is envisaged for all debtors (individuals and legal entities) who accept it and implies a suspension of debt payments for at least 90 days, i.e. for the duration of the emergency state.
During the moratorium, the borrowers/financial lessees will be excused from their payment obligations and the banks/financial lessors will not be allowed to calculate default interest on due amounts or initiate enforcement proceedings with the aim of collecting their claims.
Banks/financial lessors are not allowed to charge their clients any fees in connection with application of above measures.
Debtors who opt to continue to settle their obligations as initially agreed with bank/financial lease provider will be allowed to do so.
The above rules are envisaged by: Decision on Temporary Measures for Preserving Financial System Stability and Decision on Temporary Measures for Lessors Aimed at Preserving Financial System Stability, that came into effect on 18 March 2020.
