Source: eKapija | Wednesday, 07.09.2022.| 14:53
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More Than 8,600 Citizens up to 40 Years of Age Exempt from Paying Annual Personal Income Tax for 2021

Illustration (Photo: Buissinne)
The Tax Administration has implemented tax exemptions for companies and newly founded business entities which do innovations in order to facilitate business operations for them.

To the end of attracting highly-educated human resources from abroad and keeping the domestic work-capable populace, an exemption has been implemented for people under 40 years of age in the form of reducing the calculation of the annual personal income tax, according to the website of the Tax Administration of Serbia.

According to Dragan Agatunovic, the coordinator at the Control Sector of the Tax Administration, “for 2021, around 2,800 people have realized the right to a reduction of the calculation of that tax, that is, over 8,600 people are practically freed from paying the annual personal income tax”.

Tax exemptions are also secured for employers who sign a job contract with a new employee or a new resident.

– The exemption is realized through the reduction of costs for business entities through the reduction of the taxes and contributions for the salaries of founders or newly employed workers – Agatunovic clarified for TV Prva.

The implementation of tax exemptions, among other things, is an increase of the competitiveness of the local economy, the further growth and development of the economy as a whole, as well as attracting new investments and highly-educated foreigners.

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