Amendments To Income Tax Law And Noteworthy Changes In Non-Taxable Amounts In Serbia For 2024

• Published date: 25 March 2024
• Subject Matter: Tax, Income Tax
• Law Firm: Eurofast
• Author: Aleksandar Maljkovic

The Serbian Ministry of Finance has introduced significant amendments to the Income Tax Law, specifically targeting non-taxable amounts. Effective from February 1, 2024, to January 31, 2025, these changes encompass various categories such as salary, allowances, and compensations, aiming to provide clarity and ensure fair taxation practices.

Adjustments in Tax-Exempt Amounts

Several noteworthy adjustments have been made, impacting various facets of financial compensation, including but not limited to the following:

• The daily allowance for business trips abroad has been increased to RSD 9,449 (approximately EUR 80) from the previous amount of RSD 8,782 (approximately EUR 70).
• The public transportation cost for commuting has experienced a rise, now standing at RSD 5,398 (approximately EUR 47) compared to the previous amount of RSD 5,017 (approximately EUR 42).
• Christmas gifts for children of employees have been elevated to RSD 13,497 (approximately EUR 115) from the previous amount of RSD 12,544 (EUR 105).

New Non-Taxable Amount

Effective from January 1, 2024, a new non-taxable amount of RSD 25,000 (approx. EUR 215) has been implemented, showcasing the government's commitment to balancing tax burdens and ensuring fair financial practices. This amount represents a significant increase from the previous RSD 21,712 (EUR 185).

Amendments to Social Security Base

In addition to the changes in non-taxable amounts, amendments to the minimal and maximal social security base have been introduced. These adjustments are...