office@pkf.rs | 011 3018 445
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Value added tax

A response by many countries to the global financial crisis was to increase the (already high) rates of VAT in an effort to reduce government budget deficits. Despite the economic recovery of the last few years, these rates have been maintained. Theoretically the "cost" of indirect taxes is borne only by the ultimate consumer of goods and services, and businesses therefore act merely as collection agents. However, in practice compliance issues, an inefficient partial exemption method, incorrect VAT charging, cash-flow impact and regulatory inconsistencies often prove expensive and inconvenient.

PKF is a global service provider and through its network of member firms it can provide complete global coverage to fully meet your requirements.

Our services include:

VAT outsourcing

There are many differences in the details of the VAT systems implemented around the world, but one thing they generally all have in common are severe penalties for non-compliance, even in cases of unintentional or mere clerical errors. If you do not have the resources or skills in-house to maintain an accurate and timely compliance function, you may wish to consider out-sourcing this to PKF. Our teams of experienced specialists can perform a complete range of indirect tax compliance services, including the preparation and submission of all returns and the maintenance of the appropriate documentary support.

Obtaining VAT refunds

Although VAT should not theoretically cost your business anything, there is often a significant cash flow impact when there are timing differences between the collection of output taxes on sales and the offsetting of input taxes on purchases. Even greater impact can arise if you are an exporter, and therefore eligible for refunds of your input tax, or if you are making sizeable capital investments. Careful planning, and robust refund application procedures can significantly reduce the negative impact on your cash flow.

Understanding and applying VAT exceptions and exemptions

Indirect taxes are simple in concept, but in many jurisdictions have been rendered complex by the introduction of exceptions and exemptions. It is critical to understand the impact of these on your outputs (sales) and inputs (purchases) to ensure the accurate calculation and reporting, of your indirect tax liability.

Planning and compliance reviews

To help you identify potential problems, opportunities, or inefficiencies, PKF can review your VAT, system and documentation, and identify opportunities for improvement in processes and cash flow, as well as potential areas of contention. Timing is an extremely important issue in indirect taxes. When does your liability arise? On delivery? On invoicing? On receiving payment? When is the Return due? What happens if you forget to claim an input item this month? Can you claim it in next month's Return? At PKF our specialists are extremely experienced and can advise on exactly what corrective action to take to rectify matters and minimize any consequences.

Representation

Whether you are in dispute with a tax authority, or in the process of claiming refunds, PKF specialists can help you ensure that your case or claim is professionally presented, technically sound, and properly supported in terms of documentation and evidence.

VAT representative services

If you are a foreign entity who trades in goods and services on the territory of Serbia, PKF can provide you with support as a VAT representative who will fulfill obligations and exercise rights in your name in accordance with VAT regulations (filing VAT returns, paying VAT obligations, exercising the right to deduction of previous tax, etc.).

Direct, clear and confidential communication with the Client.

A team of 30 professionals, licensed auditors, accountants, tax and financial advisors, certified appraisers, will help you achieve your business goals.

Poverljiva komunikacija sa Klijentom

PKF Serbia

Tax advisory is only a part of our field of expertise. We provide our clients with constant support through financial consultations, as well as auditing and bookkeeping, and accounting services.


PKF Serbia is part of the PKF International (London) network that implements quality assurance programs for its members.

PKF TAX ADVISORY DEPARTMENT

Mićun Žugić

Overseeing the Tax Advisory Department

Junior partner in PKF Ltd, Beograd, Mićun Žugić has more than 15 years of working experience. During his work in PKF Ltd, he provided tax and audit services to companies from different business industries.

Mićun also provides support to clients through digital communication channels: Viber, Skype, Zoom, Teams

Join the PKF family of clients consisting of 1,500 companies from all over Serbia.

Contact us and we will form a non-binding, individual offer in accordance with your business needs.

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Email: office@pkf.rs
Phone: +381 11 3018 445
Adress: Palmira Toljatija 5/III

Although our offices are in Belgrade, our clients are located throughout Serbia.