AS OF NEXT YEAR, TAX BURDEN ON LABOR WILL BE REDUCED BY ONE PERCENT

15. November 2019.

Sinisa Mali, Minister of Finance in the Government of the Republic of Serbia, said yesterday that young people were an absolute priority of the Government, as well as providing conditions for their employment and encouraging entrepreneurial initiatives.

During his appearance on the Kopernikus television, Minister Mali pointed out that as part of the National Investment Plan, 500 million euros would be allocated, over the following four years, for building apartments for young married couples.

The Minister advised the youth that they should be bold, use their knowledge and “enter the entrepreneurial waters” bravely.

“The state is affecting several levels for individuals to start their own businesses”, Minister Mali said, recalling that there was money in the budget for wages and pensions, public debt was being reduced and there were prospects.

The state now provides not only incentives, but also tax facilities, the Minister said, adding that only maintaining the stability of public finances provided a favorable business environment.

He announced that he would present the budget for the following year at the Serbian Parliament on November 20, adding that a set of tax laws was planned, too.

“This is exactly how we decided to make it easier for young people and encourage their employment, since tax relief is planned for the next year for new employees who did not have a job this year. We also have a reduction in allocations for contributions, which is a great success. The priority of the Government of Serbia is to increase the number of employees, which we plan to encourage by exempting taxes and contributions in the first year for every investment in start-ups and opened companies, "said the Minister.

Minister Mali pointed out that in just a few years, youth unemployment was reduced by more than twice.

Speaking about incentives for the economy, the Minister noted that the tax burden on labor would be reduced by one percent from the following year.

He emphasized that thanks to recognizing the importance of the IT industry, tax incentives for research and development in innovative industries were also provided.

Source: Business Morning and Coordination Body