The Ministry of Finance has issued the 2025 Rulebook on arm’s-length interest rates, effective 8 March, which sets borrowing rates for banks, leasing firms, and other companies.
Serbia’s Ministry of Finance has issued the Rulebook on arm’s length interest rates for 2025, which was published in the Official Gazette of Serbia No. 17/2025 on 28 February 2025.
The rulebook establishes specific interest rates for both long-term and short-term borrowings, applicable to non-financial entities, banks, and finance leasing companies. Banks and finance leasing companies are subject to a unified interest rate. Article 61 of the corporate income tax law allows taxpayers to determine arm’s length interest by using prescribed interest rates or applying OECD-based methods for assessment of arm’s length interest as outlined in the law.
Interest rates in accordance with the “arm’s-length” principle that applies to companies for 2022 are:
1. Rates for banks and financial leasing providers
For banks and companies providing financial leasing, the following interest rates apply to loans (and Dinar loans indexed in these currencies):
| Loan type / Currency | Interest rate |
| Short-term loans in RSD | 5.02% |
| Long-term loans in RSD | 5.16% |
| Loans in EUR (and EUR-indexed) | 4.31% |
| Loans in USD (and USD-indexed) | 5.02% |
| Loans in CHF (and CHF-indexed) | 2.80% |
| Loans in SEK (and SEK-indexed) | 4.19% |
| Loans in GBP (and GBP-indexed) | 1.88% |
| Loans in RUB (and RUB-indexed) | 2.42% |
| Loans in CNY (and CNY-indexed) | 4.55% |
2. Rates for other companies (corporate entities)
For all other legal entities (non-banking sector), the following rates apply to loans and credits:
| Loan type / Currency | Interest rate |
| Short-term loans in RSD | 7.57% |
| Long-term loans in RSD | 8.30% |
| Short-term loans in EUR (and EUR-indexed) | 6.12% |
| Long-term loans in EUR (and EUR-indexed) | 6.23% |
| Long-term loans in CHF (and CHF-indexed) | 7.54% |
| Short-term loans in USD (and USD-indexed) | 8.20% |
| Long-term loans in USD (and USD-indexed) | 4.25% |
The rulebook will come into effect on 8 March 2025.
Earlier, the Ministry of Finance issued the rulebook on arm’s length interest rates for 2024. It was published in the official gazette on 31 May 2024 and took effect on 8 June 2024.
