Non-taxable amounts for 2016
Personal Income Tax Law – adjusted non – taxable amounts
On 25th of January 2016 Personal Income Tax Law has been published with the adjusted non – taxable amounts in the Official Gazette no. 5/2016. Adjusted, non – taxable amounts come into force on 1st of February 2016.
Table no. 1 displays some of the non – taxable amounts for the purposes of personal income tax:
|Description||Amount in RSD|
|Non-taxable salary amount||11.604|
|Per diem for local business trip||2.201|
|Travel costs on a business trip||6.417|
|Private car for business purposes/business trips||6.417|
|Anniversary award for employees||18.331|
|New Year's and Christmas' present for employees children, until the age of 15||9.166|
|Volontary premiums for health insurance and pension contributions||5.501|
Adjusted non – taxable amounts of personal income tax
Based on the published data on average annual salary per employee paid out in 2015 in the amount of RSD 733,740 in the Republic of Serbia, the non-taxable threshold relevant for determining 2015 annual personal income tax filing liability is set at RSD 2,201,220. Annual income tax payers for 2015 are natural persons, both tax residents and tax non-residents, whose annual net income for 2015 exceeded the aforementioned threshold.
Table no. 2 presents the non – taxable amounts, taxable amounts and personal deductions relevant for 2015 annual income tax:
|Description||Amount in RSD|
|Income taxable at 10%||4.402.440|
|Income taxable at 15%||above 4.402.440|
|Personal deduction for a taxpayer*||293.496|
|Deduction for a dependant family member*||110.061|
|*Total amount of deductions cannot exceed 50% of income to be taxed|
These materials and the information contained herein are provided by Deloitte Serbia and are intended to provide general information on a particular subject or subjects and are not an exhaustive treatment of such subject(s). Accordingly, the information in these materials is not intended to constitute accounting, tax, legal, investment, consulting, or other professional advice or services. The information is not intended to be relied upon as the sole basis for any decision which may affect you or your business. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser. These materials and the information contained therein are provided as is, and Deloitte Serbia makes no express or implied representations or warranties regarding these materials or the information contained therein. Without limiting the foregoing, Deloitte Serbia does not warrant that the materials or information contained therein will be error-free or will meet any particular criteria of performance or quality. Deloitte Serbia expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security, and accuracy. Your use of these materials and information contained therein is at your own risk, and you assume full responsibility and risk of loss resulting from the use thereof. Deloitte Serbia will not be liable for any special, indirect, incidental, consequential, or punitive damages or any other damages whatsoever, whether in an action of contract, statute, tort (including, without limitation, negligence), or otherwise, relating to the use of these materials or the information contained therein. If any of the foregoing is not fully enforceable for any reason, the remainder shall nonetheless continue to apply.