CONEO Serbia

New Rulebook on the Central Invoice Register published in Serbia

Serbia has officially published the new Rulebook on the Central Invoice Register, which will enter into force on July 1, 2026. 📄

The Rulebook was adopted following recent amendments to the Law on Settlement Deadlines in Commercial Transactions and introduces additional obligations for public sector entities regarding invoice and payment reporting.

📌 What does this mean in practice?
➡️ public sector entities must report payment settlements through the Treasury Administration information system
➡️ payment data must be entered within three working days from the date of settlement
➡️ all overdue and unresolved payment obligations must be updated in the system by July 1, 2026

⚖️ The Rulebook further regulates
➡️ the registration of electronic invoices in the Central Invoice Register
➡️ procedures for recording and settling obligations
➡️ the management and content of the register itself

💡 The introduction of these rules represents another step toward improving transparency, monitoring payment obligations, and strengthening digital financial administration in Serbia.

If you need support in understanding how these changes may impact your invoicing or compliance procedures, feel free to contact CONEO Serbia.

New rules for alternative investment funds in Serbia

Serbia has adopted amendments to the Rulebook on Alternative Investment Funds, introducing stricter requirements for fund operations, investor communication, and advertising. 📊

The new rules aim to strengthen transparency, investor protection, and regulatory oversight in the investment fund sector.

📌 Key changes
➡️ public-offer alternative investment funds must now have a prospectus and key investor information document
➡️ privately offered funds are required to adopt formal operating rules
➡️ all documentation and amendments must be approved by the Securities Commission

⚖️ Stronger investor protection
➡️ prospectuses must clearly explain investment strategies, risks, fees, and investor rights
➡️ investors must be informed about significant changes in fund operations
➡️ investors may request redemption without exit fees within 40 days in certain cases

📢 New advertising requirements
➡️ fund marketing must be clear, accurate, and based on verifiable information
➡️ misleading statements and guaranteed return claims are prohibited
➡️ advertising materials must be submitted to the Securities Commission before publication

💡 The amendments further strengthen Serbia’s capital market framework with a stronger focus on transparency, accountability, and informed investing.

If you need support in understanding how these regulatory changes may impact your investment or compliance processes, feel free to contact CONEO Serbia.

Serbia aligns bank and insurance insolvency rules with EU regulations

Serbia has published a new Draft Law on Bankruptcy and Liquidation of Banks, Insurance Companies, and Financial Leasing Providers, introducing additional rules for handling insolvency procedures in the financial sector. 🏦

The proposed law further aligns Serbia's regulatory framework with EU standards, especially in cross-border cases involving financial institutions operating within the European Union.

📌 Key proposed changes
➡️ automatic recognition of Serbian insolvency decisions across EU member states after EU accession
➡️ stronger cross-border cooperation between regulators and institutions
➡️ expanded role of the Deposit Insurance Agency in insolvency and liquidation procedures
➡️ mandatory stress and reporting procedures for financial institutions

💶 Depositor and investor protection
➡️ insured deposits remain protected in accordance with deposit insurance rules
➡️ payouts to depositors would continue through the Deposit Insurance Agency
➡️ additional protection mechanisms are introduced for investors and insurance policyholders

⚖️ Additional focus
➡️ faster initiation of bankruptcy procedures after license withdrawal
➡️ protection of creditors in cross-border proceedings
➡️ clearer priority rules for repayment from bankruptcy assets

💡 The draft law also introduces stricter oversight of suspicious transactions prior to insolvency and further clarifies the responsibilities of the National Bank of Serbia, courts, and the Deposit Insurance Agency.

👉 The proposed framework represents another step toward harmonising Serbia's financial regulations with European standards and strengthening confidence in the financial system.

If you need support in understanding how these regulatory changes may impact your business or financial operations, feel free to contact CONEO Serbia.

Draft Deposit Insurance Law introduces stress tests and stronger depositor protection

The Ministry of Finance of Serbia has published a Draft Deposit Insurance Law, introducing new measures aimed at strengthening the stability and resilience of the banking sector. 🏦

The public consultation is open until May 31, while the proposed changes further align Serbia’s financial system with European standards.

📌 Key proposed changes
➡️ mandatory stress tests for banks at least once every three years
➡️ faster access to insured deposits in case of bank failure
➡️ automatic payout process within seven working days
➡️ enhanced reporting obligations for banks

💶 Deposit protection
➡️ deposits remain insured up to EUR 50,000 per depositor
➡️ after EU accession, the insured amount is planned to increase to EUR 100,000
➡️ temporary protection up to EUR 130,000 is proposed for specific situations such as property sales, severance payments, inheritance, or insurance claims

⚖️ Additional focus
➡️ stronger supervision of bank stability and liquidity
➡️ improved crisis-response mechanisms
➡️ further harmonisation with EU financial regulations

👉 The proposed law represents another step toward strengthening confidence in the banking system and improving financial stability in Serbia.

If you need support in understanding how regulatory changes may impact your financial operations or banking relationships, feel free to contact CONEO Serbia.

Inflation in Serbia reached 3.3% year-on-year in April 2026

Consumer prices in Serbia increased by 0.8% in April 2026 compared to March, while annual inflation reached 3.3% compared to the same month last year. 📊

Since the beginning of the year, inflation has increased by 2.1%, reflecting continued growth in consumer prices across goods and services for personal consumption.

📌 Key figures
➡️ monthly inflation (March–April 2026): 0.8%
➡️ annual inflation (April 2025–April 2026): 3.3%
➡️ inflation since the start of 2026: 2.1%

💡 Inflation trends remain an important factor for businesses when planning pricing policies, operational costs, and financial forecasts.

👉 Monitoring inflation movements is essential for effective financial planning and business decision-making in a changing economic environment.

If you need support in understanding how inflation trends may impact your business, feel free to contact CONEO Serbia.

SEPA payments now operational in all 18 banks in Serbia

As of May 5, 2026, all 18 commercial banks in Serbia are fully operational for international payments and collections through the SEPA Credit Transfer scheme. 💶

This marks an important step in Serbia’s financial integration with the European payment market and further aligns the domestic banking system with EU standards.

📌 What does this mean in practice?
➡️ faster international EUR transactions
➡️ lower and more transparent payment fees
➡️ improved efficiency and security of cross-border payments
➡️ simpler business operations with foreign partners
➡️ easier sending and receiving of money from abroad

💡 SEPA integration is expected to support businesses through easier participation in European trade and supply chains, while also improving the overall payment experience for individuals and companies.

👉 The implementation of SEPA payments represents another important milestone in the modernization of Serbia’s financial system and its closer connection with European financial flows.

If you need support in understanding how SEPA payments may impact your business operations, feel free to contact CONEO Serbia.

Draft Accounting Law in Serbia sparks discussions within the profession

The Ministry of Finance has published a new Draft Accounting Law, reopening discussions about the future of the accounting profession and the practical implementation of regulatory requirements in Serbia. 📊

The public consultation was open until May 15, while the proposed amendments introduce several new obligations for accounting service providers.

📌 Key proposed changes
➡️ mandatory professional liability insurance
➡️ additional reporting obligations
➡️ annual license renewal requirements
➡️ continued regulation of accounting agencies and professional licensing

⚖️ Topics drawing the most attention
➡️ increasing administrative and financial obligations for accountants
➡️ frequent regulatory changes and complex digital systems
➡️ legal interpretations that often require additional clarification
➡️ concerns regarding practical implementation of electronic systems such as eFaktura, eDelivery Notes, and eSick Leave

💡 The discussion also highlights broader questions about professional standards, quality control, licensing models, and the balance between compliance requirements and day-to-day business practice.

👉 The draft law reflects ongoing efforts to further regulate and modernize the accounting sector, while the professional community continues to emphasize the importance of practical and sustainable implementation.

If you need support in understanding how potential regulatory changes may impact your business or accounting processes, feel free to contact CONEO Serbia.

ECB keeps interest rates unchanged, possible rate increase discussed for June

The European Central Bank (ECB) has decided to keep its three key interest rates unchanged, continuing the stable monetary policy stance maintained since July 2025. 📊

While inflation in the eurozone remains close to the 2% target, rising geopolitical tensions and higher energy prices continue to create uncertainty for both inflation and economic growth.

📌 Key developments
➡️ ECB deposit rate remains at 2.0%
➡️ refinancing operations rate stays at 2.15%
➡️ marginal lending facility remains at 2.40%

⚖️ What is driving the discussion?
➡️ rising oil and gas prices linked to tensions in the Middle East
➡️ increased inflation risks across Europe
➡️ signs of slower economic growth in the eurozone

💡 ECB President Christine Lagarde indicated that a potential rate increase may be reconsidered in June, depending on incoming economic and inflation data.

👉 The ECB continues to follow a cautious, data-driven approach, balancing inflation control with economic stability.

If you need support in understanding how interest rate developments may impact your business or financial planning, feel free to contact CONEO Serbia.

Crypto loans in Serbia: when does withholding tax apply?

The Ministry of Finance has clarified the tax treatment of loans granted in cryptocurrency, an increasingly relevant topic for companies dealing with digital assets and cross-border financing.

📌 What is the key question?
Whether repayment of a cryptocurrency loan to a non-resident creditor triggers withholding tax, which normally applies to interest payments made by Serbian legal entities.

📊 Why is crypto different?
A loan in cryptocurrency may be treated differently from a standard cash loan. For accounting purposes, such an obligation can be recognised as a financial derivative and measured at fair value.

⚖️ Tax treatment
Where the liability is recorded as a financial derivative, with fair value changes recognised through the income statement, repayment to the non-resident does not trigger withholding tax.

💡 Important to note
➡️ accounting treatment is decisive
➡️ documentation should support the selected treatment
➡️ each crypto-related transaction should be assessed carefully

👉 The key takeaway:
For cryptocurrency loans, the tax outcome depends not only on the agreed terms but also on how the transaction is recognised and measured in the company’s books.

If you need support in assessing crypto-related transactions and their tax implications, feel free to contact CONEO Serbia.

💐 As Mother’s Day approaches, we take a moment to appreciate the support, warmth, and resilience mothers share every day.

Whether at home or in the workplace, mothers bring care, encouragement, and strength into the lives of the people around them, often balancing countless responsibilities at the same time.

Their dedication, patience, and support leave a meaningful impact on the people around them.

Thank you for all the care, positivity, and strength you so selflessly give. 🩷

VAT rule changes in Serbia: no reduction without buyer confirmation

Recent amendments to the VAT Rulebook, effective from April 1, 2026, introduce clearer rules for adjusting input VAT—especially in cases of invoice corrections. 📊

The key change is that suppliers can no longer reduce their VAT liability based solely on a credit note or cancellation invoice.

📌 What’s new in practice?
➡️ the buyer must send a formal notification confirming the adjustment of input VAT
➡️ the supplier can reduce VAT only after receiving this confirmation
➡️ the notification must be delivered electronically

⚖️ Why it matters
➡️ ensures alignment between supplier and buyer records
➡️ reduces inconsistent practices and interpretations
➡️ strengthens control and transparency in VAT reporting

💻 Practical aspect
➡️ for SEF users, the notification can be created and sent directly within the eFaktura system
➡️ all relevant data is linked to the original invoice, simplifying the process

👉 This change makes communication between business partners essential for proper VAT treatment and compliance.

If you need support in adapting your processes to these changes, feel free to contact CONEO Serbia.