The Serbian Ministry of Finance has announced the non-taxable income threshold for the 2024 annual tax return. This update is crucial for individuals and businesses to ensure timely and compliant tax filings. Below are the key details you need to know:
1. Non-Taxable Income Threshold for 2024
- The income threshold for mandatory annual tax return submission for 2024 earnings is 4,874,508 RSD (approximately EUR 41,600).
- Individuals earning below this threshold are not required to submit an annual tax return.
2. Taxable Income: Who Is Affected?
- Residents: Liable to income tax on worldwide earnings, including income from both Serbia and abroad.
- Non-Residents: Taxable only on income earned in Serbia.
Understanding tax residency rules is essential for expatriates and businesses operating across multiple jurisdictions.
3. Tax Reliefs and Benefits for Individuals Under 40
The Serbian tax system provides additional benefits for:
- Individuals under 40: Eligible for a tax deduction equal to the non-taxable threshold of 4,874,508 RSD.
- Families with dependents: May also qualify for specific tax reliefs, reducing the overall tax burden.
These incentives encourage young professionals and families to maximize tax efficiency while complying with Serbian tax regulations.
4. 2024 Serbian Income Tax Rates
- 10% tax rate applies to income up to EUR 83,200.
- 15% tax rate applies to income exceeding EUR 83,200.
Accurate income classification and proper tax planning can help individuals optimize their tax liability and take advantage of available deductions.
5. Tax Return Submission Deadline
- The deadline for filing and payment of the 2024 annual tax return is 15 May 2025.
- Late submissions may result in penalties and additional interest charges.
Taxpayers are encouraged to file early to avoid last-minute issues and ensure compliance with Serbian tax authorities.
Need Assistance with Your 2024 Tax Return?
Navigating Serbian tax compliance can be complex, especially for expatriates, high-income individuals, and businesses.
At Eurofast Serbia, our tax experts provide:
- Personalized tax advisory for residents and non-residents.
- Annual tax return preparation and filing.
- Tax planning strategies to maximize deductions and optimize liabilities.
- Regulatory updates and compliance checks.
For expert tax support, contact us at [email protected].