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Finance and Tax Committee the Committee’S Focus 2014–2016

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Finance and Tax Committee the Committee’S Focus 2014–2016 REPORT 2014–2016 | ADVOCACY IMPACT FINANCE AND TAX COMMITTEE THE COMMITTEE’S FOCUS 2014–2016: • Improving the predictability of the tax and CHAIRPERSON: Zoran Petrović, Raiffeisen Bank non-tax burden (completing parafiscal reforms, VICE CHAIRPERSON: Igor Lončarević, KPMG primarily through the enactment of a single Law on Compensations for the Use of Public Assets, THE COMMITTEE’S MISSION: which will list all fees and determine their levels The Finance and Tax Committee strives to contribute to harmonization and the and mechanisms for changing those levels) creation of an environment conducive to the implementation of finance and tax • Improving liquidity in the financial system by related legislation, in order to help create a transparent and effective regulatory protecting creditors (amendments to the Law on framework, in accordance with international standards and modern business Insolvency and the Law on Enforcement, impact practice. The committee’s focus in the period just ending was to improve the assessment of implementation of the Law on predictability of the tax/non-tax burden on businesses through long-term plan- Payment Deadlines) and lowering the NPL level ning for tax law amendments and by reducing the likelihood of the introduction in the banking sector of, or increases in, parafiscal charges, at either central or local level. • Improving Tax Administration procedures, partic- ularly by ensuring the uniformity of procedures THE COMMITTEE’S MEMBERS: and practices across different organizational ADVOKATSKA KANCELARIJA EUROBANK NEW MOMENT NEW IDEAS COMPANY PARIVODIĆ EXECUTIVE GROUP NOVO NORDISK PHARMA DOO units and improving the complaints procedure ADVOKATSKA KANCELARIJA VUKOVIĆ BEOGRAD & PARTNERS FIRST DATA ORION TELEKOM AIGO BUSINESS SYSTEMS FONDACIJA ANA I VLADE DIVAC PFIZER AIRPORT CITY G4S SECURE SOLUTIONS PHILIP MORRIS SERVICES THE COMMITTEE’S GREATEST ALLIANCE ONE TOBACCO GLAXOSMITHKLINE PRICEWATERHOUSECOOPERS APATINSKA PIVARA APATIN HARRISONS RAIFFEISEN BANK ACCOMPLISHMENTS: ATLAS CENTAR HEMOFARM REPRESENT COMMUNICATIONS ATLAS GROUP HEWLETT PACKARD SEKULOVIĆ LAW OFFICE AVON COSMETICS HONEYWELL SERBIAN BUSINESS SYSTEMS IMPROVING THE PREDICTABILITY OF THE TAX BALL PACKAGING EUROPE HYPO ALPE ADRIA BANK SGS BEOGRAD BANCA INTESA I & F MCCANN GRUPA AND NON–TAX BURDEN SIEMENS BDK ADVOKATI IBM SMALL ENTERPRISE ASSISTANCE BDO JANKOVIĆ, POPOVIĆ & MITIĆ FUNDS BEL MEDIC GENERAL HOSPITAL JT INTERNATIONAL SOCIETE GENERALE BANK According to a survey presented at AmCham’s con- BELGRADE OPEN SCHOOL KARANOVIĆ & NIKOLIĆ ŠTAMPA SISTEM BOJOVIĆ & PARTNERS KOMERCIJALNA BANKA TEKNOXGROUP SRBIJA ference at the end of 2014, 75% of AmCham members CBS INTERNATIONAL KPMG TELEGROUP said that better predictability of tax policy and better CITIBANK LEO BURNETT TELENOR COCA COLA HELLENIC L’OREAL BALKAN TELESIGN implementation of tax legislation was the critical COMMUNIS LUKA BEOGRAD TITAN CEMENTARA CROWE HORWATH LUNA/TBWA TMF SERVICES reform that the Government needed to implement in CROWNE PLAZA MEDIGROUP SEE TRIZMA 2015. 57% of member companies said that the current DELHAIZE MEDTRONIC TRS EUROPE DELOITTE MERCATOR-S TURNER SOUTHEAST EUROPE predictability of tax policy and the consistency of its DELTA HOLDING MERCK SHARP & DOHME UNICREDIT BANK implementation was either poor or very poor. Thus, DHL METRO CASH & CARRY UNIQA NEŽIVOTNO OSIGURANJE DINERS CLUB INTERNATIONAL MICROSOFT SOFTWARE VICTORIA GROUP this was the most important reform of the business DIRECT MEDIA MIKIJELJ, JANKOVIĆ & BOGDANOVIĆ VIP MOBILE DUFRY MK GROUP VODA VRNJCI environment in the opinion of AmCham member EATON MOJI BRENDOVI VOJVOĐANSKA BANKA companies. However, despite significant efforts by EMBASSY TECHZONES MORAVČEVIĆ, VOJNOVIĆ & PARTNERI VREME EOS MATRIX NAFTNA INDUSTRIJA SRBIJE WEST PHARMACEUTICAL SERVICES the Finance and Tax Committee, this reform had few ERNST & YOUNG NAUMOVIĆ & PARTNERI WIENER STADTISCHE OSIGURANJE ERSTE BANK NELT WOLF THEISS tangible results. There can be no doubt that this is the 20 21 REPORT 2014–2016 | ADVOCACY IMPACT case because almost all amendments made to the Serbian Chamber of Commerce – that will be payable relevant tax laws in 2015 were adopted using urgent from 2017 at a rate and according to a methodology procedures, without public discussion. to be subsequently defined by the General Assembly of this association. One such amendment, which was not made publicly known before being adopted, was the amendment to PARTIAL IMPROVEMENTS TO THE the Decree regulating the compensation of busi- REGULATORY FRAMEWORK FOR THE ness travel expenses for civil servants, also used as LIQUIDITY OF BUSINESSES the basis for the untaxable portion of per diems and business travel expenses in the private sector, which With regard to improving the liquidity of businesses, resulted in a significant increase in business travel the Finance and Tax Committee began an impact as- costs for the entire private sector. The negative effects sessment for the Law on Payment Deadlines with the of the amendment to this decree subsisted until the aim of introducing more discipline in payment, starting end of 2015, when they were annulled by amendments with the public sector. The assessment showed that to the Law on Personal Income Tax, made on the joint the mechanism for overseeing the implementation of initiative of the Finance and Tax Committee and the this law was inadequate, and that its existence, apart Foreign Investors Council. from the initial cost for businesses of adapting to it, had no significant impact on the liquidity situation. Despite huge efforts, starting back in 2012, to create a transparent and efficient regulatory framework for The private sector’s solution for the problem of local fees and compensations, no significant advances uncollectible claims, offered through the committee’s have been made. The Draft Law on Compensations comments on the Law on Factoring, was to remove for the Use of Public Assets underwent initial public the existing legislative barriers stopping banks selling discussion by the end of 2013. It was then withdrawn claims to factoring companies. However, the amend- to undergo further work, but it is still not in its final ments to this law have not yet been adopted. adoption phase. At the end of 2015, the Draft Law on Local Self-Government Financing was published, The greatest progress was made with regard to adopting AmCham’s key suggestions with regard addressing the problem of NPLs, with the committee, to the abolishment of two local parafiscal levies, the in cooperation with the IMF, providing constructive business name display fee – a local fee charged for suggestions concerning the relevant tax laws and displaying a company’s name at its place of business, the Law on Enforcement and Security, which were and the environmental fee – a fee charged for environ- adopted at the end of 2015. mental protection purposes. Finally, despite opposition from AmCham, the Foreign IMPROVEMENT TO THE PRACTICE OF THE TAX Investors Council, and NALED, in late 2015 the Law ADMINISTRATION THROUGH ELECTRONIC TAX on the Chambers of Commerce was adopted without FILING, WHILE UNIFORMITY OF PRACTICE public discussion. This law introduced yet another AND THE PREDICTABILITY OF THE TAX LAWS parafiscal levy – mandatory membership fee in the REMAINS ARGUABLE 22 23 REPORT 2014–2016 | ADVOCACY IMPACT Despite the Tax Administration’s openness, and WIDE ANGLE been taken to improve the relevant the IMF’s cooperation, there have been no visible Igor Lončarević, KPMG regulatory framework. Even though the results of the committee’s efforts to improve Tax adoption of the Law on Compensations Administration practice in regard to ensuring uni- For the past three years, the member for the Use of Public Assets has been formity of practice across affiliates, enhancing the companies of the American Chamber announced several times since 2013, this predictability of practice (compliance with opinions, of Commerce in Serbia have identified law, intended to increase the transpar- given that they are already legally binding) and the need for better predictability and ency of charges, is still not in progress. complying with statutory deadlines for the issue of transparency in the tax system as one The continuous urgent and non-trans- certificates. of their key priorities for improving parent adoption of amendments to tax the business environment. With this in regulations has repeatedly deprived the The greatest accomplishment was certainly the mind, the committee devoted its activi- business community of the opportunity adoption of the Rulebook for Electronic Tax Filing, ties to advocating the timely announce- to voice its opinion. Furthermore, the which led to Serbia taking a huge leap forward in the ment of any changes to tax policy; the announced reform to the tax adminis- World Bank’s “Doing Business” list with regard to tax holding of public discussions on any tration, although apparently in progress, collection. amendments to tax legislation, as is has still not yielded any results in stan- already required by law; and consisten- dardizing interpretation across different With regard to the implementation of legislation, in cy in the implementation of announced affiliates. Moreover, the committee’s ef- 2015 the committee organized a Round table with measures. forts to establish a structured approach representatives of the Tax Administration about to dialogue between the private sector practical implementation of the Rulebook for Looking back at the past two years,
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