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August 01, 2003 - Friday |
Bisic says VAT will help fight grey economy
16:33 BELGRADE , Aug 1 (Tanjug) - The third phase of the Serbian tax reform, in which the existing sales tax on products and services will be replaced by the value added tax (VAT), will help fight the grey economy, step up exports and ensure an investment influx and increase of budgetary revenues, Serbian Deputy Minister of Finance and Economy Milica Bisic said on Friday.
At a presentation of a draft law on the VAT, Bisic said that this would help ensure a greater compatibility of our tax system with those of the developed market economies and that the draft law would be reviewed by the Serbian parliament in September in order to take effect on January 1, 2004.
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