Accounting and taxes

Legal framework

Accounting in Serbia is primarily regulated by the Law on accounting, as well as other legislation, such as Law on Corporate Entities. Legal business entities have an obligation to submit financial statements annually to the relevant State authorities.

Accounting in Serbia differs from international Financial Reporting Standards (IFRS) because new standards must be translated into Serbian language and voted by the Serbian Parliament. During this process, the time frame prescribed by IFRS is sometimes off. For example, the existing standard IFRS 16 “Leases" is not yet translated and announced by the Parliament as mandatory. There are also other standards that have not been voted on yet, for example IFRS 15 “Revenue recognition". However, Serbian GAAP is very similar to IFRS in virtually all other parameters.

For these reasons, often foreign companies operating in Serbia prepare two sets of financial statements, one in accordance with the statutory regulations in Serbia and one according to IFRS or US GAAP, primarily for the purposes of consolidation at the group level.

The Serbian tax laws are regulated by a special set of laws for each type of tax, such as for example Law on VAT, Property taxes, Corporate Income Tax law, Income tax laws, etc.

Accounting and tax services

Our expert team in Serbia provides accounting services in accordance with relevant regulations and best practices. Accounting includes bookkeeping and financial reporting, i.e. the preparation and submission of final statements complying with all relevant tax aspects. Bookkeeping consists of preparation of financial records in relevant ledgers.

Accounting also includes:

  • Registry of intangible and tangible fixed assets,

  • Calculation of depreciation and related value corrections,

  • Calculation of employee benefits including wages and fees, as well as the submission of relevant tax and contribution returns,

  • Inventory records and price amendments in wholesale, retail and warehouses,

  • Record and valuations of customers and suppliers analytically,

  • Posting of bank statements, cash and cashiers,

  • Calculations and postings of loans, leasing and interest,

  • Calculation, posting and submitting monthly VAT returns,

  • Preparation and submission of annual financial statements which include Income statement, Other comprehensive income, Balance sheet, Cash flows, Statistical annexes, Notes and disclosures, Tax balance, Tax returns, etc.

  • Continuous education and training, and monitoring of relevant regulations,

  • Business analysis, business calculations and advice on optimization of tax liabilities and other charges,

  • Creation of management reports, etc.Creation of management reports, etc.

Tax and accounting advisory

Our team of experts provide full accounting and tax services in accordance with relevant laws and regulations and best practices. It includes book-keeping as well as preparation of financial statements including calculations and submission of relevant tax returns. Book-keeping encompasses all relevant general ledger entries and other complimentary accounting records.

Accounting and tax advisory includes:

  • Expert opinion and guidance on all tax aspects of a specific transaction,

  • The calculation of tax duties for private individuals and ex-pats,

  • Consolidations of financial statements,

  • Preparation of financial statements in accordance with IFRS and/or US GAAP,

  • Support for audit purposes,

  • Support and preparation for tax audits and market inspections,

  • The accounting assistance of posting certain complex transactions in accordance with IFRS or US GAAP,

  • Provision of transfer price studies for tax purposes,

  • Valuation of property,

  • Valuation of companies,

  • Assessment of the value of goodwill,

  • Calculation and valuation of purchasing price allocations in accordance with IFRS 3 "business combinations",

  • Development of budgets and business plans,

  • Market research,

  • Expertise in the field of finance,

  • Financial and tax "due diligence",

  • IT Solutions designed for accounting purposes such as e.g. IFRS 16 “Leases“ or IAS 19 "Employee benefits," etc.

Accounting and taxes

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Who we are

Nonagon Chartered Accountants d.o.o.

Tax Identity Number & Registration Number:
TIN: 111923323
RN: 21571466

Where’s our office

Address:
Kosovska 1,
11000 Belgrade, Serbia

Phone:
+381 63 526 814
Email:
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