Serbia’s Ministry of Finance has released draft amendments to the Corporate Income Tax Law, clarifying the procedures for submitting tax returns during liquidation, bankruptcy, and status changes. The draft is yet to be presented to the parliament.
The draft stipulates that the responsibility for submitting tax returns will shift from the obligee to the company’s liquidation or bankruptcy administrator. The proposed changes require the submission of tax returns and balance sheets to focus on event registration in the appropriate register. The liquidation or bankruptcy administrator must submit all reports and applications the day before registration.
The proposed changes will impose joint liability on company members for profit tax after the liquidation process ends. However, their liability is limited to the value of assets they received during liquidation.
Companies undergoing status changes like divisions must report to the tax administration on the division of rights and obligations of the previous legal entity.
