14th April 2020
The Republic of Serbia, has adopted a variety of initial measures in order to ease the economic consequences of the COVID-19 pandemic. MSI's Serbian accounting member ZS Tax & Consulting d.o.o. provides a summary.
COVID-19 has spread across the world and countries are faced with challenges and changes on both a social and economic level. The global economy expects significant losses over the coming month as countries plough resources into supporting workers, businesses and their respective economies during the pandemic. Many countries have already adopted specific economic measures, and international emergency funds have been set up.
Serbia has adopted the following initial measures:
In addition to the above, the Serbian Government has introduced a range of new economic measures worth 5.1 billion euros to support the economy during the pandemic crisis. The aim is to preserve levels of employment and provide assistance to those companies that have been the most affected by this crisis, namely micro, small and medium-sized enterprises. The measures themselves are divided into 4 parts:
In conclusion, the Serbian economy is not affected like China is, but it will not recover as quickly as China.
If the virus continues to progress globally and slow down further economic growth, it is likely that many countries will seek funding from international funds.
For now, we can see that Serbia has taken measures that can be accommodated for up to 3 months from its own funds. The Serbian Government’s measures are aimed at encouraging job retention and stimulating business.
ZS Tax & Consulting is consulting firm established in 2016, in cooperation with one of the leading local law offices Zivkovic Samardzic Law Office, providing tax and accounting services.
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