Serbia Issues Updated E-Invoicing Law
Serbia published its revised Law on E-Invoicing. What’s new?
Serbia has taken a significant step in modernizing its tax and invoicing framework by amending its Law on E-Invoicing. Published on November 28, 2024, in the Official Gazette, this update aligns with Serbia’s ongoing efforts to enhance digitalization and streamline tax processes.
The revised law introduces new requirements and deadlines aimed at improving transparency, efficiency, and compliance within the electronic invoicing system (SEF). With staggered implementation dates, the amended law provides a clear roadmap for businesses and tax authorities to transition smoothly.
Key changes introduced by the amended law on e-invoicing in Serbia:
1. The amended Law on E-Invoicing in Serbia will come into effect on 15 December 2024, with most obligations starting on 1 January 2025. Key provisions include the requirement to determine the subject’s status in the SEF system by 15 December 2024 and other rules related to VAT recording and e-invoice content over the following years.
2. Entities must report their status within five days of being registered in the SEF system, indicating whether they are VAT-liable and whether their tax period is monthly or quarterly. This will ensure proper categorization for VAT obligations and system access.
3. The deadline for electronically recording VAT and advance tax has been extended from the 10th to the 12th of the month following the relevant tax period. Both VAT and advance tax records can be corrected if necessary, allowing for adjustments to be made before supervision begins.
4. The preliminary tax declaration will be automatically generated in SEF based on available data, simplifying the process for businesses and tax authorities. This change aims to improve efficiency and reduce manual reporting errors.
5. Penalties for non-compliance include fines ranging from 200,000 to 2 million Serbian Dinars for failing to disclose the subject’s status, improperly recording VAT, or not using the SEF system as required. However, no fines will apply if VAT or advance tax errors are corrected before the supervision process starts.
There’s more you should know about e-invoicing in Serbia – learn more about the new and upcoming regulations.
